The Spanish Government approved the Budget for 2013 as law 17/2012 on 28 December 2012. The Law generally applies from 1 January 2013.
Key points of the budget are summarized below:
Corporate taxation
For capital gains the indexation percentage based on the original acquisition cost of assets is 131.3% for assets acquired before 1984, and assets acquired from 1984 to 2013 is between 110% and 0%. The general tax rate for the prepayments that companies must make during a calendar year remains at 18%.
Individual income tax
In respect of the transfer of assets the indexation percentage is 31.67% for immovable property not connected to business activities and acquired before 31 December 1994, and between 39.11% and 0% for such immovable property acquired on or after 31 December 1994 up to 2013.
