The Ministerial Order on 2014 Income Tax returns has been approved

 

• Taxpayers who use the PADRE program will be able to file their tax return from the start of the campaign, on April 7, which will speed up their returns.
• The submission period will run until June 25 for payments by direct debit and until June 30 in the rest of cases.
• The possibility of offsetting negative income from subordinated or preferred debt with any positive income from savings in the Personal Income Tax Declaration is now open.

 

March 19, 2015.- The Tax Agency will open the deadline for electronic filing of the 2014 Income and Wealth Tax Campaign on April 7, according to the Ministerial Order approving the declaration models for both taxes and published today in the Official State Gazette.

The Order establishes a single date for the start of the campaign, both for the submission of IRPF drafts and for declarations submitted with the PADRE aid program and equivalents.

This unification of dates implies, in practice, a significant advance in the receipt of declarations prepared with the PADRE and, therefore, an advance also in the start of the refunds that correspond to a large number of taxpayers.

The deadline for filing returns will be June 25 for the case of returns with a result to be paid in which payment is made by direct debit, and until June 30 for the rest of the cases where payment is required and in all cases with a result to be refunded. The in-person campaign, with assistance in offices, will begin on May 11.

Subordinated debt and preferred shares.

The main new feature of the Personal Income Tax for the 2014 financial year, which is reflected in the declaration model approved by the Order, aims to allow holders of subordinated debt and preferred bonds a greater capacity to offset negative and positive income, in accordance with the provisions of Royal Decree-Law 8/2014, on urgent measures for growth, competitiveness and efficiency.

In the next Income Tax Return, the negative income derived from these financial instruments (or securities received in exchange for them) that have been generated between 2010 and 2014 can be offset not only with positive capital gains, as was the case until now, but also with capital gains and with positive income included in the general base that comes from the transfer of assets.

The aim is to cover situations that have arisen in the past, such as those affecting a large number of taxpayers, former holders of preferred shares and subordinated debt, who must pay taxes on the profit obtained from the sale of shares given in exchange for said securities, despite having suffered a loss as a result of the forced purchase of said securities. The introduction of special treatment for those affected by this problem represents a step forward in terms of justice and social cohesion.