As every year, various measures have entered into force, some of them approved in the 2014 tax reform, but deferred for two years in their application, to which are incorporated those modifications established for the 2016 financial year throughout last year.
Therefore, it is interesting to review the main novelties that we must take into account this year, paying special attention to those elements with a direct incidence, for tax purposes, for the self-employed, professionals and all those businesses that pay taxes to through this tax.
Thus, the most notable changes with respect to the previous year are those listed below:
Work performance; In the case of work income in kind, the amount of the deductible expense related to the premiums or installments paid to insurance companies for the coverage of illness of those people with disabilities to whom the regulations entitle them is increased from €500 to €1,500 , that is, both the taxpayer and their spouse and descendants.
Economic activities; in the case of taxation by direct estimation, the amount of the expense with the right to deduct for health insurance premiums paid by the taxpayer in the part corresponding to their own coverage and that of their spouse and minor children increases from €500 to €1,500 twenty-five years old who live with him.
In the case of taxation by objective estimation, both for the year 2016 and for the next financial year 2017, the limits to use this modality have been modified in relation to the volume of full income corresponding to the previous financial year of the set of economic activities, except agricultural activities. , livestock and forestry, settling at €250,000. Besides:
A limit of €125,000 is established for the set of operations for which there is an obligation to issue an invoice because the recipient is a businessman or professional acting as such.
A limit of €250,000 is established for the volume of purchases of goods and services, excluding acquisitions of fixed assets, in the previous year.
general deductions; Regarding the deduction for donations destined to carry out priority patronage operations, the list of those actions that will be considered priorities throughout the 2016 financial year is updated and the deduction percentages and the limits set in Law 49/2002, which establishes the deduction of this type of donation in Personal Income Tax.
Any questions you have regarding these and other tax modifications that have entered into force, you can contact us through the Contact Form.
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