2023-04-17 00:08:07
Monday, April 17, 2023, 00:08
The income statement must reflect all the income obtained during the previous year -whether from work, capital, or economic activities-, as well as the capital gains or losses that occur, for example, when selling a flat, shares or similar titles.
How to declare EPSV
The EPSVs -the pension funds owned by residents of the Basque Country- pay Personal Income Tax (IRPF) as earned income, just like wages and pensions. And they have a series of tax benefits, both in contributions and benefits.
In the first case – the fees paid to swell the piggy bank – those made by the participant reduce the personal income tax base, with certain limits: up to 5,000 euros for personal contributions, and 8,000 for those made by the company. The joint limit is 12,000 euros.
Taxpayers whose spouse or common-law partner does not earn income, or whose income is less than 8,000 euros per year, may reduce in the general tax base the contributions made to EPSV of which said spouse or common-law partner is a member, with the maximum limit of 2,400 euros. In the case of people with disabilities, the contributions made in their favor -provided that there is a relationship of kinship or guardianship between the two people- will have a limit of 8,000 euros. Those made by people with disabilities themselves may not exceed 24,250 euros.
Regarding benefits, if they are received in the form of capital -it is charged at once-, they benefit from a 40% reduction, with a maximum of up to 300,000 euros for the first payment. If they are collected in the form of income, they are included in the general tax base at 100% of their amount. In the case of the mixed formula, the reduction percentage of 40% will only be applied to the collection made in the form of capital up to a maximum of 300,000 euros.
Finally, people with disabilities who receive payment in the form of income enjoy an exemption of up to three times the Minimum Interprofessional Wage (SMI).
Sale of habitual residence
In both Bizkaia and Álava, the sale of a habitual residence will give rise to a capital gain or loss in the tax base of savings. Of course, the profit obtained may be excluded from the tax when the total amount obtained from the transfer is reinvested -within, yes, in a certain period of time- in buying a new habitual residence.
In addition, in Bizkaia, capital gains obtained from the sale of a habitual residence by people in a situation of severe or great dependency are also exempt from tax. The first 400,000 euros of profit derived from the sale of the habitual residence by people over 65 years of age will not be taxed either.
When the reinvestment is partial -and this applies to both territories-, if the amount reinvested is less than the total amount received in the sale, only the proportional part of the capital gain obtained corresponding to the amount invested will be excluded from taxation.
Cryptocurrency trading
There is still no clear and common standard for the three Basque territories that regulates the sale and purchase of cryptocurrencies, an activity that has been carried out by more and more people in recent times. Hence, certain aspects remain in a kind of fiscal limbo.
Of course, Bizkaia is a little more specific in this sense. Although its regulations speak only of the sale of “bitcoin”. This cryptocurrency will be taxed in personal income tax as a capital gain or loss on the savings base.
The calculation of the capital gain will be obtained “from the difference between the acquisition value and the transfer value, excluding expenses (commissions, ‘spreads’ and other expenses related to the operation)”.
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