Regulatory developments 2017
Skip information indexAct 3/2017, of 27 June, on General State Budgets for 2017 (Official State Gazette of 28 June)
Ley 3/2017, de 27 de juniode Presupuestos Generales del Estado para el año 2017.
In the Official State Gazette of 28 June 2017, Act 3/2017, of 27 June, on General State Budgets for 2017, was published. The Act introduced new components of Act 37/1992, of 28 December, on Value Added Tax:
I. Exemptions on domestic transactions.
Effective as of 29 June 2017 and for an indefinite period, letter j) of article 20.18 of the Act is modified, One. 18 of the Law establishing that deliveries of collector coins will be exempt from tax when they are made by their issuer for an amount not exceeding their face value.
II. Reduced tax rates .
Effective as of 29 June 2017 and for an indefinite period, in order to promote access and dissemination of culture, a modification is made to numbers 2 and 6 of article 91. One.2 of the Act, whereby the tax rate applicable to live cultural events is reduced to 10 percent.
III. Tax rates. Medical equipment, devices and other instruments
that are eligible for the reduced rate.
Effective as of 29 June 2017 and for an indefinite period, there is a modification to the first point in section eight of the annex of the Act, changing the VAT percentage applicable to frames for prescription glasses to 10 percent, thereby aligning their tax rate with the rate applicable to glasses and prescription lenses.