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More taxes on the high income brackets

06-10-2010
The projected legal budget for 2011, presented by the Government this last 30th of september, included an increase in the Personal Income Tax Returns of those with high earnings. To be more specific it establishes two differences than the already existing one, therefore those with a superior income of 120,000.00 euros would pay 45% tax on the amount exceeding up to the amount of 175,000.00 euros. For those who earn above this last figure, then the tax applied would be that of 47%.

Let us not forget than we are discussing a proposal that must still be approved by Congress and would apply for 2011, in other words, its repercussion would be seen in May or June of 2012 when we must prepare our Income Tax for 2011.

At Cyclo Abogados Asesores we are here at your convenience to clear up any doubts or questions you may have about this or any other issue you may have regarding this proposal for 2011.

Cristobal Ruiz
Tax Advisor

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