Gutiérrez Pujadas & Partners

Declaración de la renta

I want to share some relevant tax updates that will impact our declarations in the upcoming years.

  1. Objective Estimation of Income Tax (IRPF) and simplified and special VAT regimes:
    The quantitative limits for applying the objective estimation method of IRPF extend until the 2024 tax period. However, for agricultural, livestock, and forestry activities, limits based on income remain. The same applies to the simplified and special regimes for agriculture, livestock, and fishing in VAT. Attention: If any of us wishes to renounce or revoke this method, the deadline has been extended until January 31, 2024.


  1. Deduction for Energy Efficiency Works in Homes:
    Excellent news for those of us making improvements to our homes. The deduction for energy efficiency works in IRPF is extended for one more year, starting from January 1, 2024. It’s an opportune moment to make our homes more efficient.


  1. IRPF Declaration through Electronic Means:
    Here comes a significant change. Now, legally, the tax administration can impose the obligation to submit the IRPF declaration through electronic means. But don’t worry; they ensure personalized assistance for those who need help in this process. The effectiveness of these measures will be evaluated after the first filing campaign following the entry into force of this modification (29/12/2023).


  1. Temporary Solidarity Tax on Large Fortunes:
    The application of this tax is extended until a review of wealth taxation in the regional financing system reform. The minimum exemption of 700,000 euros is extended to all taxpayers, regardless of their residence in Spain, from the entry into force of Law 38/2022. Attention: Declaration submission is mandatory through electronic means.


  1. Declaration of Wealth Tax through Electronic Means:
    The possibility of imposing the obligation to submit the Wealth Tax declaration through electronic means is also considered. Let’s stay tuned for future updates on this matter.


I hope this information is useful in planning your finances. If you have more questions, Gutiérrez Pujadas & Partners is at your disposal.

Article Written by  Ricky Gutiérrez

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