Temporary Reestablishment of the Wealth Tax On September 6, Spain enacted Royal Decree- Law 13/2011 re-establishing temporarily the wealth tax, which has not been levied since 2007. This newly resurrected wealth tax maintains the same rate structure as the original tax of 1991 but uses a larger exempt amount to focus on higher income levels. The main modifi cations to the former regime are as follows:
- The general exempt amount is increased to €700.000 applicable to resident taxpayers taxed on their worldwide net wealth and non-resident taxpayers taxed on their Spain-based net wealth.
- The threshold for fi ling wealth tax returns when no tax is due is increased to net wealth of over €2 million.
- The exempt amount for permanent dwellings is increased to € 300.000 (under the former regime the exempt amount was €150.253, 03).
Taxpayers will face wealth tax accruals on December 31, 2011, and December 31, 2012.