New environmental taxes and changes to corporate income taxincome tax The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings.

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1. A new tax on fluorinated greenhouse gases is created. It is an indirect tax on the consumption of these gases, charged according to their global warming potential, with a maximum of 100 euros per kilogram.
2. Under corporate income tax, losses from the impairment of shareholdings in companies and negative income from foreign permanent establishments are no longer deductible, to prevent the same losses from being deducted twice.
3. Several temporary corporate tax measures are extended to 2014 and 2015, such as limits on offsetting negative tax bases and caps on certain deductions, plus a minimum installment payment for large companies.
4. Pleasure boats rented out by companies are exempt from the Special Tax on Certain Means of Transport, regardless of their length.
5. City councils may grant a bonus of up to 95 percent of the tax on the increase in value of urban land for activities declared of special municipal interest or benefit.
6. The increased property tax rates on urban real estate are kept for 2014 and 2015, with increases of 4, 6 or 10 percent depending on how old the municipality's cadastral valuation is.
7. The tax on spent nuclear fuel and radioactive waste is reorganized: the tax period becomes each reactor's operating cycle, and installment payments are set for June and December.
8. Investment funds may be marketed through global accounts in the name of the distributing entity, which will keep the register of unit holders and take on tax and information duties toward them.

Who it affects

• Manufacturers, importers and resellers of fluorinated gases: They are the taxpayers of the new tax and must file returns every four months.
• Companies subject to corporate income tax: Rules on loss deductions, installment payments and deduction caps change for 2014 and 2015.
• Owners of urban homes and commercial premises: They are affected by the maintained higher property tax rates for 2014 and 2015.
• Investment fund unit holders: Their holdings may appear in the distributor's register, which must inform them of the tax effects.
• City councils: They gain power to grant bonuses on the land value tax and must adjust property tax reductions.

Words worth knowing

Impuesto indirecto (indirect tax)

A tax paid when consuming or using a product, not on income or wealth.

Base imponible (tax base)

The amount on which the tax is calculated.

Devengo (accrual)

The moment the tax is deemed to arise and the duty to pay it begins.

Arrendamiento financiero (finance lease)

A rental contract with an option to buy the asset, also known as leasing.

Cuentas ómnibus o globales (omnibus or global accounts)

A system where fund holdings are registered in the name of the distributing intermediary, not each individual unit holder.

income tax

The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries