Farrand and Co :: Chartered Accountants in Andalucia, Spain

	Farrand and Co Spanish Personal Income Tax Rates 2007 and 2008			• Tax Rates • Allowances • Calculation • 2007 Budget • Non Residency • Capital Gains Tax • Tax Planning
	These rates are on income after deducting tax allowances. All figures are in euros
	2007		2008
Tax Rates	First Next Next Income over	17,360€ @ 24% 15,000€ @ 28% 20,000€ @ 37% 52,360€ @ 43%	First Next Next Income over	17,707€ @ 24% 15,300€ @ 28% 20,400€ @ 37% 53,407€ @ 45%
Tax Free Allowances	Personal allowance 5,050€ Spouse 5,050€ First child 1,800€ Second child 2,000€ Third child 3,600€ Subsequent 4,100€		5,151€ 5,151€ 1,836€ 2,040€ 3,672€ 4,182€
	Not all allowances are shown here. There are others e.g. mortgage payments, pension contributions, allowances for working mothers with children under 3, etc. etc.
Calculation	To calculate the tax liability, add up the tax free allowances to which you are entitled, deduct them from your income/ earnings to arrive at your taxable income. Then using the tax tables at the top of the page you can work out the total tax payable. This will be reduced by any tax you have paid at source by deduction from your earnings.
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