Economic measures: Royal Decree-Law 1/2014, of January 24, introducing reforms in infrastructure and transport, and other economic measures. (BOE 22, January 25, 2014)

This regulation, which came into force on January 26, establishes reforms aimed at recovering economic growth and creating employment.

The VAT rate applicable to imports of art objects, antiques and collection items has been reduced from 21% to 10%. This also applies to intra-Community deliveries and acquisitions of art objects when the delivery is made by the creators of the objects or rightful claimants and non-reseller business owners entitled to an input VAT deduction.

Effective from January 1, 2014, the percentage of withholding tax or advance payment of company tax is increased from 19% to 21% in the same way in which the rate for income tax and non-residents income tax was increased. This measure applies to all income subject to company tax (such as dividends, interest and rental), excluding income derived from the assignment of image usage rights, and from lottery prizes and bets.