Income tax deductions for managers to bill up to 100,000 … – 20minutos.es

Income tax deductions for managers to bill up to 100,000 … – 20minutos.es

Finance Minister and Public Administration, Cristobal Montoro. (AP)

The retention rate and income tax on employment income that is levied by the condition Administrator or member of board and other representative bodies of companies with turnover below 100,000 per year will be 19% instead of 35% set for other companies.

yields counselors and administrators amounted to 1,674 million euros last year This is stated in the bill on the income tax law change, the law of income tax of non-residents and other tax rules, which was approved by the Cabinet last August 1 and shall be processed in Congress from September for it to enter into force on next year .

In this way, while directors and managers of companies with a net turnover of than 100,000 euros have retentions of 37% in 2015 and 35% in 2016, to receive income for the same concepts but companies with fewer billing your withholding will be reduced to 20% next year until the 19% the following . In both cases, the percentage will be half if it comes to yields obtained in Ceuta or Melilla subject to the deductions provided.

According to the Tax Office, yields counselors and administrators came to 1.674 million euros last year , so the deductions totaled 655 million euros , an amount that is regularized when the annual tax return is done.

In addition, the Ministry proposes to introduce a except to the general rule of retaining 19% of the income from economic activities. Thus, 15% will be applied in cases where the volume of entire returns from such activities year immediately preceding is less than the 15,000 euros and represents more than 75% of the sum of the gross income from economic activities and work in the relevant tax year.

Also rebate for yields conferences and literary, artistic or scientific works “For the application of such withholding, taxpayers must notify the payer of returns the concurrence of those circumstances , you will be bound by the payer to retain communication properly signed “is added on the bill.

According to the report of economic impact, too the retention rate from 21% today to 20% next year and 19% reduction in 2016 for income from courses, conferences, symposia, seminars and the like, as well as literary, artistic or scientific works that except nonexempt awards won by such works, in 2013 totaled 533 million euros to 110 million retention.

the same levels are reduced also levies on awards contests and certain gambling in 2013 contributed income worth 62 million euros of which 12 million were applied withholding ; and yields on urban real estate s, which last year amounted to 1,940 million euros. According to statistics from income tax, such income was declared in 2012 by 716,885 taxpayers who viewed withheld 1,450 million.