As we said in the previous article, the year 2024 starts with new developments in taxation that affect everyone, whether they are companies, self-employed or individuals.

• Cryptocurrencies abroad.
• Works for energy efficiency.
• Electric car.
• No Successions in four regions.
• Recycled plastic certificate. information
• Minimum tax of 15%.
• Sales on online platforms. Wallapop, Airbnb, Amazon, Vinted,
• VAT on food and energy.

The changes range from the obligation to declare crypto assets abroad for the first time, deductions for rehabilitation works, also for the purchase of an electric car, or for purchases of recycled plastic. In addition, the “Complementary Tax” is consolidated at a minimum of 15% for multinationals or large groups. These are the main changes.

Cryptocurrencies abroad

As of January 1, 2024 and until March 31, taxpayers must comply with the obligation to render accounts with the Treasury in Spain on their digital assets abroad, as long as the value of said assets exceeds 50,000 euros. This measure was approved by the Government in April 2023 through the Royal Decree, which establishes the mandatory declaration of crypto assets for individuals and companies residing in Spain. This obligation was already contemplated in the law on measures to prevent and combat tax fraud of June 2021.

The regulations require holders of digital assets to inform the tax authority about the balance of these assets. Taxpayers must submit an annual declaration, using form 721, that includes all the crypto assets they possess as of December 31 of each year, as well as those they have had at any time during the fiscal year. Once this information is provided, they must pay the profits or losses in the Personal Income Tax (IRPF) and declare the value of the assets in the Wealth and Great Fortunes Tax.

In addition, digital asset management or custody companies in Spain have the responsibility of informing the Treasury about the balance of their clients, using forms 172 and 173. This process contributes to fiscal transparency and allows authorities to supervise transactions and holdings. of crypto assets in the country.

Works for energy efficiency

The Government has extended until December 31, 2024 the 60% reduction in Personal Income Tax (IRPF) for amounts invested in rehabilitation works that improve energy efficiency in residential buildings. Initially scheduled to conclude in December 2023, this deduction now applies to work carried out from October 6, 2021 to the new deadline.

In the field of sustainable mobility, those who purchase a plug-in electric or fuel cell car between June 30, 2023 and December 31, 2024 may benefit from a 15% personal income tax deduction on the purchase value. of the vehicle, with a maximum limit of 20,000 euros. The deduction covers the acquisition value, including expenses and taxes, but excludes subsidies or public aid received. Taxpayers have two options to apply this reduction: during the tax period in which the vehicle is registered (either in 2023 or 2024), or, in the case of making an initial payment to the seller equivalent to at least 25% of the value of the car, the deduction will be applied in the year of the initial payment, with the obligation to complete the purchase and pay the rest in the following year. This measure seeks to encourage the adoption of electric vehicles and contribute to the transition towards more sustainable mobility.

Sin Sucesiones en cuatro regiones

Starting in 2024, taxpayers residing in the Balearic Islands, Aragon, Valencia and La Rioja will experience a significant reduction, or even the practically total elimination, of the Inheritance and Donation Tax. This measure will materialize thanks to the bonuses approved by the respective regional governments, which range between 99% and 100%.

Recycled plastic certificate

The tax on non-reusable plastic, in force since January 2023, presents new features from 2024. This tax affects companies that manufacture, import or acquire non-recycled plastic, as long as the quantity exceeds five kilos. Until November of this year, companies have paid 549 million euros to the Tax Agency for this tax. However, the regulations exclude recycled plastics from this tax. In order for companies to determine which plastics are considered recycled and therefore exempt from the tax, they need a certification issued by entities accredited by the National Accreditation Entity (ENAC), by the equivalent body of another EU Member State. or, if the products are manufactured outside the EU, by an accredited body with an international recognition agreement with ENAC.

Given the complexity of obtaining these certificates, the regulations established a 12-month grace period for companies, during which they were not required to pay taxes on recycled plastic if they had a responsible declaration signed by the manufacturer. This period ended on December 31, 2023. Therefore, starting January 1, 2024, companies must have these certificates if they want to avoid paying the tax on recycled plastic. This measure reflects the commitment to sustainability and the promotion of responsible use of materials, while establishing stricter requirements to demonstrate the recycling status of plastics.

Minimum tax of 15%

From 2024, multinationals and large groups with a turnover equal to or greater than 750 million euros per year, together with their subsidiaries, will be required to assume a minimum tax of 15%. The Ministry of Finance has presented the Draft Law to create the Complementary Tax, currently in the public information phase until January 19 before its processing in the Cortes. This tax will complement the Corporate Tax if companies do not reach the 15% threshold. The proposal is divided into three parts: the national complementary tax will apply to multinationals and large groups, the primary complementary tax will focus on foreign subsidiaries of Spanish companies, and the secondary complementary tax will be directed to subsidiaries in Spain of groups based in abroad.

Although the measure seeks to ensure minimum taxation and prevent tax avoidance, questions arise about the basis on which the 15% will be applied. According to statements by Yolanda Díaz, Minister of Labor and Social Economy, the basis could be the “Accounting Profit”, although this has generated concern due to the possibility of violating the principle of double taxation and other fundamental principles of the European Union (EU). .

The reaction of the OECD and the affected multinationals will be key. Some companies have already expressed their concern, evaluating the possibility of withdrawing from Spain or reconsidering investments in the country. The controversy intensifies as concerns are raised about the narrow-mindedness surrounding foreign investment and revenue. The uncertainty and the possibility of affecting Spain’s attractiveness for foreign investment could have significant implications for long-term economic growth and revenue. There is a need to balance the need for tax revenue and creating an enabling environment for investment and economic development.

Sales on online platforms

Starting next year, digital platforms, such as Amazon, Wallapop, Airbnb or Vinted, will face the obligation to report to the Treasury about sales operations carried out by users, whether professionals or individuals. This measure will apply to those transactions that exceed 30 operations per year or reach a sales volume of more than 2,000 euros.

In other words, these platforms will be required to provide the tax authority with detailed information about the commercial transactions carried out on their platform, with the aim of improving the supervision of economic activities carried out through digital services. The measure seeks to guarantee greater tax transparency and combat tax evasion that may arise from transactions carried out on these platforms.

This regulatory change can be perceived as an effort to adapt tax regulation to the digital economic reality, where online transactions have become increasingly frequent. Although it can generate greater control and tax compliance, it also raises questions about the privacy and security of user data, aspects that must be carefully considered in the implementation of this measure.

VAT on food and energy

The Government has confirmed the extension, at least until June 2024, of the VAT reduction on basic foodstuffs, such as milk and eggs, as well as the reduction from 10% to 5% in the VAT applied to oil and pasta. This measure, which exempts essential products from this tax, seeks to alleviate the economic burden of citizens. The extension, which is expected to be approved in the next Council of Ministers, will extend a policy that originally ends at the end of December. The Tax Agency reports that, until November, the decrease in VAT on food has represented a loss in collection of 1,573 million euros.

In the same context, the Council of Ministers must address the decision on the reduction of VAT on electricity and natural gas, a measure initially implemented to counteract the effects of inflation and the crisis in Ukraine, and which also ends in December. The reduction in VAT on electricity has implied a decrease in income for the Tax Agency of 514 million euros from January to November, while the reduction in the tax on natural gas has resulted in a loss of collection of 214 million euros.

These fiscal measures, while easing the economic burden on citizens, pose challenges for public finances, and the Government will have to balance the need to stimulate the economy and maintain tax revenue. The extension of these policies seeks to provide stability and support during the period of economic uncertainty.