New regulations for 2024

Main tax changes introduced by Law 7/2024, of December 20, which establishes a complementary tax to guarantee a minimum global level of taxation for multinational groups and large national groups, a tax on the interest and commission margin of certain financial institutions and a tax on liquids for electronic cigarettes and other tobacco-related products, and modifies other tax rules

VALUE ADDED TAX

Amendment to Law 37/1992, of December 28, on Value Added Tax and the Value Added Tax Regulations, approved by Royal Decree 1624/1992, of December 29.

GASOLINES, DIESEL OILS AND BIOFUELS

a) Completion of the Non-Customs Warehouse.

(Modification of article 19.5 of Law 37/1992 by Section One of the First Final Provision of Law 7/2024)

This amendment establishes that, in relation to gasoline, diesel and biofuels intended to be used as fuel, the completion of the non-customs deposit regime will be deemed to be carried out, in all cases, by the last depositor of the product to be extracted from the tax warehouse, to whom the corresponding Hydrocarbon Tax will be passed on and who will be obliged to pay the VAT for the operation assimilated to import, or by the owner of the tax warehouse if he is the owner of the product. Likewise, the last depositor of the product to be extracted, or the holder of the tax warehouse if he is the owner of the product, will be obliged to guarantee the payment of the VAT corresponding to the subsequent subject and non-exempt delivery of the good extracted from the tax warehouse.

b) Guarantee that guarantees the payment of VAT.

(New eleventh section of the annex of Law 37/1992 introduced by Section Three of the First Final Provision of Law 7/2024)

The last depositor of gasoline, diesel and biofuels intended to be used as fuel that are extracted from the tax warehouse, or the owner of the tax warehouse if he is the owner of said products, will be obliged to constitute and maintain a guarantee that guarantees the payment of the VAT corresponding to the subject and non-exempt deliveries that are subsequently made of said goods.

The guarantee will not be applicable when the last depositor or, where applicable, the holder of the tax deposit has been recognised as an authorised economic operator or as a reliable operator. By ministerial order, the procedure for recognizing the status of reliable operator will be determined and the creation and maintenance of a registry of reliable operators will be regulated.

The guarantee must take one of the following forms:

• Guarantee from a credit institution, financial institution or insurance company accredited in the European Union, which globally guarantees the payment of VAT corresponding to the subject and non-exempt deliveries that are made subsequently and which meets a series of requirements.
• Payment on account of VAT corresponding to a subject and non-exempt delivery made subsequently of said goods.

The last depositor, before removing the products from the bonded warehouse, must justify to the owner of the bonded warehouse any of the following circumstances:

• What is an authorized economic operator or trusted operator?
• That there is sufficient guarantee.

Once the competent tax authority has verified the sufficient guarantee or sufficient payment, it will authorize the removal of the product from the tax warehouse.

During the month following the entry into force of the Order determining the procedure for recognizing the status of reliable operator, the last depositor of the products, or the holder of the deposit in the event that he is the owner of the products, will not be obliged to guarantee the payment of the VAT corresponding to the subject and non-exempt delivery that he himself subsequently makes of said goods.

The Tax Administration will provide the owners of tax warehouses with the technical systems necessary to verify the application of this transitional regime.

c) Monthly tax period.

(New number 5 to section 3 of article 71 of Royal Decree 1624/1992 introduced by the third Final Provision of Law 7/2024)

The settlement period will coincide with the calendar month, in the case of the owners of tax warehouses for gasoline, diesel or biofuels included in the objective scope of the Hydrocarbon Tax, as well as the businessmen or professionals who extract these products from the tax warehouses.

FERMENTED MILK

(Section Two.1.1.º letter c) of article 91 of Law 37/1992 is modified by Section Two of the First Final Provision of Law 7/2024)

With effect from December 22, 2024, the tax rate on fermented milk will be 4%. Currently, it was paying 10% tax.

por la que se establecen un impuesto complementario para garantizar un nivel mínimo global de imposición para los grupos multinacionales y los grupos nacionales de gran magnitud, un impuesto sobre el margen de intereses y comisiones de determinadas entidades financieras y un impuesto sobre los líquidos para cigarrillos electrónicos y otros productos relacionados con el tabaco, y se modifican otras normas tributarias.(BOE, 21-diciembre-2024)