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Spain

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About

Spain

Capital
Official languages
Population 
Currency

ISO 4217

Madrid

Spanish (Español)

47,746,321 (as of 2019)

Euro

EUR

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Economy

Spain has seen a steady improvement in its economy over the past few years. According to the World Bank, the country's GDP grew by 2.5% in 2019, and is expected to grow by an additional 2.2% in 2020. The unemployment rate has also decreased significantly, from a peak of 26.3% in 2013 to 14.2% in 2019. This is largely due to the government's efforts to create jobs and stimulate economic growth. In addition, Spain has seen a rise in exports, with exports increasing by 4.2% in 2019. This is largely due to the country's strong manufacturing sector, which accounts for around 20% of the country's GDP. Overall, Spain's economy is on the rise, and the country is well-positioned to continue its growth in the coming years.

Taxation

Spain is a country located in southwestern Europe, and its taxation system is administered by the Spanish Tax Agency.


Corporate taxation in Spain is applied to both resident and non-resident companies. Resident companies are taxed on their worldwide income at a standard rate of 25%, while non-resident companies are taxed on income earned in Spain at a rate of 25%. There are also regional taxes and municipal taxes that can vary depending on the location of the company. Companies are required to file annual tax returns and make payments to the Spanish Tax Agency by the deadline set by the government.


Personal taxation in Spain is also applied to both residents and non-residents. Residents are taxed on their worldwide income at a progressive rate, ranging from 19% to 45%. Non-residents are taxed on income earned in Spain at a flat rate of 24%. In addition to income tax, there are also taxes on wealth and inheritance. Individuals are required to file annual tax returns and make payments to the Spanish Tax Agency by the deadline set by the government.


Value Added Tax (VAT) is applied to most goods and services in Spain at a standard rate of 21%, with reduced rates of 10% and 4% for certain goods and services. Businesses registered for VAT must file quarterly VAT returns and make payments to the Spanish Tax Agency by the deadline set by the government.


The tax calendar in Spain runs from January to December, and tax returns and payments are due by different deadlines depending on the type of tax and the taxpayer's circumstances. For example, corporate tax returns are due six months after the end of the accounting period, while personal tax returns are due by June 30 of the following year. VAT returns are due quarterly, with payments due within 20 calendar days after the end of the period.


It's important to note that tax laws and regulations in Spain can be complex, and it may be necessary to consult with a tax professional or legal expert to ensure compliance with Spanish tax laws. Additionally, tax rates and regulations can vary depending on the region or municipality, and it's important to check the local tax laws and regulations to ensure compliance.

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