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Spain 2014 Budget Now in Effect: Update from Nair & Co. Tax Team (Bristol, UK) - The 2014 Budget published by the Spanish government is now applicable as of 1 January 2014. The budget includes a long-term strategy targeting employee training, advance payments regulation and much more under corporate income tax, reports Nair & Co.’s International Tax Team. Significant highlights of the changes included in the regulatory framework of corporate and individual taxation are as follows: Corporate taxes 

Extended tax measures to 2014: 

Small entities that maintain or create new jobs will be eligible for a reduced tax rate.

In order to benefit employee training in new information technologies, tax incentives will continue to be granted on expenses and investments made by such companies.

New rules have been introduced for advance payments.

New coefficient applicable to the acquisition cost while transferring immovable assets.

Individual income taxes 

Tax credits are extended for expenses and investments related to in information technology job training.

An extension is provided to supplementary surcharges which were introduced for the year 2012 and 2013.

Non-residents’ taxation 

Income tax rates set for 2012 and 2013 are now extended to 2014.

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Spain 2014 Budget Now in Effect as of 1 January 2014