The 2023-2024 income campaign is already underway. The draft can be consulted, modified and presented on the Tax Agency website from today until July 1.
To avoid surprises, it must be taken into account that there are several new features this year, from the sending of the form itself to the deductions that taxpayers can apply. These are the main ones.
This income campaign will be the first in which taxpayers are required to submit the declaration by electronic means. That is, online or through the Tax Agency’s mobile application. Filling everything with pen and paper goes to a better life.
Despite this, there are no variations in telephone and in-person attention at the Treasury offices, so you can continue to count on the support of an official to prepare the declaration.
Those workers with a single payer, such as a company employee, do not suffer variations. Your obligation to declare is maintained if you earn more than 22,000 euros gross per year. Where there are modifications is among those who have more than one payer. The obligation to declare with more than one payer increases from 14,000 euros to 15,000 euros when the second and subsequent payers exceed 1,500 euros.
Big change in the self-employed group. As in previous years, income levels will no longer matter to determine who is required to declare and who is not. All self-employed workers who were registered in 2023 will have to submit the declaration. It will not matter that they were only registered for one day, that they had no income, that they had losses… Everyone will have to comply with the Tax Agency procedure. For many, it may be the first time they have to pay income as a self-employed person, so experts recommend checking that the accounting of income and expenses has been carried out well and knowing which expenses are deductible and which are not.
On a positive note, its reductions and the ability to include expenses that are difficult to justify are improved.
Good news is the increase in base reductions for both workers (a maximum of 6,498 euros up to 19,747.5 euros) and self-employed workers (up to 10% of performance according to the estimation method).
All mothers may deduct up to 1,200 euros per year (100 per month) per child under 3 years of age. It will no longer matter if they are working or unemployed, as in previous years. On the other hand, the possibility of deducting 1,000 euros per year for custody expenses for children under 3 years of age is generalized. It is used for expenses in daycare centers or authorized educational centers. A change in the requirements will mean that daycare centers will no longer need an authorization that the Treasury required to qualify for the deduction.
The personal income tax that Spaniards bear is divided into a state part and a regional part. The state sections remain unchanged, but the Community of Madrid, Aragon, Extremadura, Murcia and the Valencian Community have improved the outlook for the lowest incomes, either with a larger tax base or by reducing the rates applied to them. In practice, this will cause the differences between taxpayers with the same income to increase depending on where they reside.
Yes, there are changes in the taxation of savings income. This campaign goes from four to five sections. It goes from four to five tranches: now there is one between 200,000 and 300,000 euros with a rate of 27%, one point more than last year; and the one from 300,000 euros and up is born, with a rate of 28%, two points more than the most expensive section seen even in the previous campaign.
This part of the income includes operations such as the sales of real estate, shares, bonds and similar investments or the interest charged on deposits and checking accounts.
There are also new developments in the deductions section. Among the state ones, to which everyone can access, is the purchase of an electric car. Up to 15% may be deducted from the purchase of a vehicle with a maximum base of 20,000 euros. That is, if you buy an electric car for 35,000 euros, at most you can deduct 15% of 20,000, exactly 3,000 euros.
The installation of charging points may also be deducted. In this case, the deduction is 15% but with a maximum base of 4,000 euros. As an example, if 2,500 euros have been spent on an installation, as it does not exceed the maximum base of 4,000 euros, 15% of 2,500 euros will be deducted, equivalent to 375 euros.
At the state level, the conditions for investment in new or recently created companies also improve, with a maximum base that jumps from 60,000 to 100,000 euros and a percentage that increases from 30% to 50%; or in donations and donations for priority activities for patronage (Cervantes Institute, National Library, ONCE scholarships…), with an increase in both percentages and limits.
In the autonomous panorama there are some new deductions such as the gym fee in La Rioja or the Valencian Community and others for family, education expenses, increased cost of living or housing in autonomies such as the Balearic Islands, Aragon or Madrid.
Madrid is precisely one of the most active this year, with new deductions for payment of interest on study loans, for caring for ascendants, for large families, for rental expenses, for the payment of mortgage interest or for the purchase of a home when a child is born. It also expands beneficiaries in those it already had.
