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TODAY in Ibiza and Formentera
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Balearic Islands increases by 20% the deduction for renting a house in the income tax

Balearic Islands increases by 20% the deduction for renting a house in the income tax

Isaac Vaquer

Monday, December 18 2023, 10.24am

The Balearic Islands’ recent tax reform significantly impacts inheritance tax, housing deductions, and family-related deductions. Inheritance tax for direct relatives is virtually eliminated, offering substantial rebates. Housing deductions have been enhanced, particularly benefiting young and elderly tenants, as well as large families and individuals with disabilities, with increased limits and percentages for rent and mortgage interest deductions. Additionally, the reform introduces tax exemptions for first home purchases through donations, adjusts deductions for higher education students, and offers new childbirth or adoption deductions. These changes aim to reduce the financial strain on the islands’ residents, with a focus on supporting young families and those with disabilities. For the full article, please visit Diario de Ibiza website here.