On September 26, 2024, the Provincial Council of Bizkaia published a preliminary draft Provincial Law introducing certain tax measures affecting various taxes, with different effects, generally retroactive to January 1, 2024.
Among other measures, improvements are introduced in the definition of asset-holding entities, in tax incentives for family businesses, the corporate income tax and personal income tax options regime, and incentives for the financing of R&D&I projects and audiovisual productions through an increase in the limits for applying deductions and the extension of the status of financier to personal income tax payers who carry out economic activities. In addition, new requirements are established for the exemption of dividends and gains from shares acquired through securities exchange transactions, and a new case of exemption from the quantitative limit on BIN compensation is established.
Our tax team has prepared a document detailing the most relevant changes included in the aforementioned draft bill, which is still pending approval and final publication.
