1st OF NOVEMBER CLOSED DUE TO BANK HOLIDAYS

INFLATION NEGATIVE RATE FOR FIRST TIME SINCE 2009

 

The specter of deflation in the Spanish economy has returned. Prices have fallen in October, with the estimated annual inflation rate for the month at -0.1 percent. If the data is confirmed, it would mean the first negative Consumer Price Index (CPI) rate since October 2009, when the figure was -0.7 percent.

THE END OF RECESSION?

The National Statistics Institute (INE) confirmed on Wednesday the announcement last week by the Bank of Spain that the recession is over, thanks to a positive growth rate of 0.1 percent for the third quarter.

Experts, however, agree that the recovery will be a slow one.

Advance data released by the INE on Wednesday coincided with figures from the Bank of Spain, which said last week that a return to growth has been possible thanks to strong exports.

PROCESS YOUR NIF (Fiscal Identification number) FROM SPANISH CONSULATES

The spanish tax office (AEAT) and the Ministry of Foreign Affairs signed an agreement to streamline the allocation of tax identification number to nonresidents without going to an office of the AEAT. This measure, which is a further step in the implementation of eGovernment abroad, start with a pilot in eight consular offices in countries with investment potential and broad economic and financial links with Spain.

Three million Spaniards now live in dire poverty.

After five years of crisis, more than three million Spaniards are now living in dire poverty, as defined by monthly income of under 307 euros, according to a report by charity organization Cáritas.

A recent Cáritas Survey, which is included in the organization’s Social Reality Observatory for 2012, shows that the percentage of the population now living below the breadline has almost doubled from 3.5 percent in 2007 to 6.4 percent last year.

Stock market recovery helps boost number of millionaires in Spain by 13%

 

 

The number of millionaires in Spain increased by 13 percent to 402,000 between the middle of last year and the middle of this year, despite the country being mired in its longest recession in half a century. That’s according to the latest Global Wealth Report, which was released Wednesday by the research department of Swiss bank Credit Suisse.

TAX FINES AND SANCTIONS ON TAX FORMS OBLIGATIONS (I)

Today we are going to explain with some detail what are the consequences of not complying with our tax obligations, or do it out of time.

Penalties for submitting tax forms after the deadline
 

If there is not a financial damage to the Tax Office , then apart from the surcharge addition , the following sanctions shall be established .

Five things you should know about the Electronic Notifications Service

If you're self employed, maybe you have received in recent weeks a notice from the Social Security on the Order ESS/485/2013 that regulates notices and communications by electronic ways with the Social Security Authorities. We are going to answer five basic questions to clarify the main doubts about the new electronic notifications service.

The President announces that government will raise growth forecast to 0.7%

Mariano Rajoy announced, in the Upper House of Parliament, that the government will raise its economic growth forecast for the coming year from 0.5% to 0.7%. Furthermore, he stressed that pensions will neither fall nor be frozen and that public servants will receive their extraordinary payments in both 2013 and 2014.

Spain loses 15 billion euros a year in potential VAT revenue

Europe has been bent in the past few years on austerity, cutting pensions, wages and public sector jobs to rein in deficits. But there are signs that the problem also lies in the revenue side as a result of tax evasion.

For years, large companies have indulged in so-called financial engineering, using tax havens to pay the minimum amount possible. And, according to figures released Thursday by the European Union's statistics office Eurostat, Spain loses around 15 billion euros a year in potential value-added tax revenues because of evasion, as well as bankruptcies and statistical errors, among other factors. In the period 2008-2011, the loss in Spain was estimated at 65 billion euros.