Spain MOF Seeks Comments on Draft Order Establishing Individual Income Tax Rules, Special VAT Regime

The Spanish Ministry of Finance and Public Administration Nov. 24 announced the Nov. 27 opening of a public consultation on a draft order to approve the rules regulating the objective estimation method for individual income tax and the simplified VAT regime. The draft order includes measures to: 1) establish the list of included economic activities, and exclude activities that exceed certain established magnitudes of a taxpayer’s full volume of income; 2) provide a 5 percent reduction in net performance for all taxpayers using the objective estimation method and establish percentages for calculating the accrued quota in the simplified VAT regime; ...