Tax
Regime
8
71
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
WITHHOLDING TAX
Income exempt fromTax on Income of Non-Resi-
dents and that received by non-residents in a country
with whom Spain has a double taxation agreement is
not subject to withholding tax.
There is a withholding tax of 21% on dividends re-
ceived by non-residents and on income from the trans-
fer or repayment of participations or shares of CISs.
There is no withholding tax or payment on accou-
nt for the following income (Article 75 of the income
tax law for individuals, approved by Royal Decree
439/2007).
• On the capital gains from the transfer of securities
and on the capital gains from the transfer or repay-
ment of ETFs.
• On the yields of treasury bills, the premiums from
converting bonds into shares, the yield from bonds
and debentures and that from the return of the issue
premium on shares or participations and from the
reduction in capital with return of contributions,
which do not come from undistributed profits
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