The last part of the tax reform will benefit businesses and workers in the year 2016.
Companies will benefit most, since most of the tax cuts will be coming in the corporation tax, which will lower the nominal rate of 28% to 25%. This will mean a decrease in the collection of 2.641 million euros this year that companies will default.
There will be other changes to the Spanish companies. Civil societies with legal personality and commercial purpose will be taxed at the corporation tax rather than income tax as is currently done.
Finally, there will be a reduction of income tax, but will have a slight effect, as it became a tax rebate in 2015.
According to the Government, this anticipated decline returnee 1,500 million to Spanish workers this year.
Source: Publication in ABC on 02/02/2016
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