BUSINESSES with a turnover of less than 10 million euros will be entitled to a tax break on 10% of their profits from this year.
Around 385,000 will be affected by the change, saving an aggregate 600 million in tax for 2014, the Ministry of Finance has announced.
The move is one of a number of tax-related changes coming into effect this year in a bid to kickstart the floundering Spanish economy.
Those looking to invest in start-up businesses, so-called business angels, will also benefit from a 20% income tax reduction on the investments from a minimum 50,000 euros. They will be exempt from capital gains tax when they leave the company if they reinvest in a new one or one which has been recently created.
The most widespread change is that being made to IVA; companies can delay its payment until after the invoice has been paid.
The regulation applies to small and medium sized businesses, and those that are self employed whose turnover is below two million euros a year.
Those wishing to take advantage need to register before March 31, and thereafter every December, with validation applying for three years.
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