The constant changes in tax legislation and regulations in our country have caused tax and tax advice to become more important than ever. The figure of the tax adviser plays a key role within the company, since it is the person who normally represents the taxpayer before the Tax Administration.
According to the latest data from the central business directory of the National Statistics Institute (INE), in Spain there were around 1,879,126 companies of independent professionals dedicated to accounting, bookkeeping, auditing and tax consulting activities. In addition, 83% of consulting companies have between 0 and 2 employees, that is, they can charge their own rates based on their knowledge and clients, reaching a turnover of more than 12,000 million euros in one year.
Tax and tax laws are constantly changing, so it is imperative stay up-to-date with legislative developments to properly fulfill obligations. In this area, the adviser’s activity may affect the client’s tax, criminal and civil liability as a consequence of faulty advice, implying that the Tax Administration Service (SAT) come to apply fines or years in prison. For this reason, to avoid such bad practices or breaches of tax obligations, Deusto Formación’s specialists in tax and tax advice recommend constant updating to professionals, that is, they must be aware of all applicable regulations and be fully up-to-date at all times to help the company meet its obligations and maximize profitability.
What are the five tax novelties to take into account in 2023?
Every good tax advisor must know the latest news and changes to provide the best advice to their clients and avoid irregularities. For this reason, the professionals of the Deusto Formación Advanced Course on Fiscal and Tax Advice present the five new tax innovations to take into account in 2023:
- Increase of the exempt minimum in personal income tax: the minimum exempt from taxation will rise to 15,000 euros, allowing workers who receive the Minimum Interprofessional Wage (SMI) to continue without paying taxes due to the new update thereof.
- Increased reduction for work performance: from the previous 150,000 euros, the reduction for work performance rises to 20,000 euros, benefiting 50% of wage earners who receive a lower salary.
- 2% increase in taxes on savings: those over 300,000 euros will become taxed at 29%, 2% more than in 2022.
- 2% tax reduction for SMEs: Corporate tax will become 23% in 2023.
- Increase of up to 7% in expenses that are difficult to justify for the self-employed: They may allocate up to two points more for expenses that are difficult to justify.
