Market Taxation Guide - Spain

09.09.2016

This Market Taxation Guide (Spain) provides the following details:

  • Reference information about all taxes applied at source, through Clearstream Banking and its local depositories, to securities deposited in Clearstream Banking; and
  • Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream Banking.

New and improved tax information and procedures that become available will be included on an ongoing basis.

Important note:

This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether customers or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.

Withholding tax

As of 1 January 2016 the standard rate of withholding tax on all Spanish securities (debt securities and equities) is reduced from the previous 19.5% to 19%.

The previous applicable standard withholding tax rates were:

From 1 January 2010 until 31 December 201119%
From 1 January 2012 until 31 December 201421%
From 1 January 2015 until 11 July 201520%
From 12 July 2015 until 31 December 201519.5%
Public debt securities and corporate bonds subject to
RD 1145/2011
Holding restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund
NoYes19% a
Non-residents of SpainYesYesYes
Supranational organisations recognised by Spanish lawYesYesYes
Spanish resident corporate income tax payersYesYesNo
Corporate bonds not subject to RD 1145/2011Holding restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund
NoNo19%
Residents of a Double Taxation Treaty (DTT) countryYesYesYes
Residents of EU member countries other than Spain, not retrieving the income through an intermediary resident in a tax havenYesYesYes
Supranational organisations recognised by Spanish lawYesYesYes
Central banksYesYesYes
Spanish resident corporate income tax payers aYesYesNo

a. Only on corporate bonds issued on or after 1 January 1999 traded on the Spanish market in book entry form.

Stripped public debts and Zero coupon (maturity < 12 months)Holding restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund
Yes aYes0%
Non-residents of SpainN/AN/AN/A
Spanish resident corporate income tax payersN/AN/AN/A

a. Spanish resident individual tax payers cannot hold with Clearstream Banking Spanish stripped public debt securities (regardless of the maturity) and zero coupon corporate debt securities with a maturity of less than 12 months.

T-billsHolding restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund
NoYes0%
Non-residents of SpainN/AN/AN/A
Spanish residentsN/AN/AN/A
EquitiesHolding restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund
NoNo19%
Residents of a Double Taxation Treaty (DTT) countryNoYesYes
EU/EEA pension funds/plans and Collective Investment Vehicles (CIVs)NoYes aYes
Supranational organisations recognised by Spanish lawNoYesYes

a. The treaty rate available via quick refund. The difference until the fully reduced rate available via standard refund.

Capital gains tax

There is no capital gains tax withheld through Clearstream Banking on securities held in Clearstream Banking. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

Stamp Duty

There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.