Spanish tax deadlines and tax liabilities are not being extended. We must comply with the existing ones.
During this #coronavirus crisis our team continue monitoring our clients’ tax deadlines and liabilities. First we are keeping an eye on the governments measures, both in England and Spain. For instance, Spain, has not approve any extensions to submit the Q1 tax returns.
Although there are other measures in Spain, the UK is a bit more proactive on this respect. Our team is always on top of any changes as we have demonstrated over the years.
Therefore, spanish tax returns due on 31st March 2020, remain with no changes. It is clear that that the government is not responding to the demands of professionals and entrepreneurs. Nevertheless, the association of Small and Medium Enterprises, Chambers of Commerce, Bar, Tax and Accounting associations will continue pressing.
Spanish Tax Deadlines remains!!! There will be no extension on tax submissions’ deadlines.
Tax returns, corresponding to the First Quarter of 2020 are due for submission on 31st March as usual.
Form 111 of Personal Income Tax Returns
Form 115 Rent Withholding Tax
Form 123 Withholding Tax
Form 303 VAT
Form 349 for intra-Community transactions
Form 202 for payment on account of corporate tax
Form 130 of fractionated payment (self-employed)
Form 210 non-resident
However, we can postpone our tax liabilities, as the government stated previously, for those with an annual turnover under 6,010,121 Euros in 2019. Please remember that bank guarantees will not be requested up to 30,000 Euros.
Why Spain is slow responding to the economy?
In Spain the governments focused on Social and Public Health in the first instance. As a consequence, Spain is slowly responding to the financial tension in the private sector. While the the UK was very quick to respond to the financial needs of corporations and employees. For instance, from 20th march until 30 June 2020, business will benefit from a VAT break. In addition to this, the VAT for that quarter is deferred to the end of the tax year 2020/21.
On the other hand, the deadline of 31 July 2020 under the UK self-assessment system, is deferred to 31 January 2021.