Spanish Government Introduces New Tax Measures
The Spanish Government recently announced new tax reforms with specific measures to stimulate employment.
The new measures are summarised as follows:
* Significant increase in allowances for family and old age people.
* Income Tax exemption for employees with annual income less than EUR 12,000.
* Employers are responsible to pay flat social security contributions of EUR 100 for general risks for employees hired under a non-fixed term contract and with the following conditions:
* If the contract is for three years or more.
* If there is a net increase in total headcount.
* The flat rate will be applicable for first two years of the contract.
Companies having operations in Spain or those planning to establish operations in the country are advised to carefully monitor progress of the above tax measures and take necessary action.
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