The ITPF News Blog is managed by the students at the University of Florida Levin College of Law International Tax LLM Program.
The Spanish government, on November 27, 2014, passed Laws Nos. 26 and 27 amending the Personal Income Tax Law, the Nonresident Income Tax Law, and the Corporate Income Tax Law. The new provisions will generally come into force for tax years beginning on or after January 1, 2015.
While the amendments to the corporate income tax regime reduce the tax rate, they also introduce measures to limit the deductibility of certain costs and the use of net operating losses. The amendments also introduce some measures in line with the OECD's base erosion and profit shifting (BEPS) project.
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