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NEWS ROUND-UP: SMEsISSUE 30 | JUNE 6, 2013Spain's Fiscal Package Fosters'Entrepreneurial Culture'The Spanish Government has unveiled details of itsEntrepreneur Support Act, providing for a raft offiscal measures designed to facilitate the creation ofnew companies in Spain, and to support the country'sself-employed and small- and medium-sizedenterprises (SMEs).that invest in a company or in a business projectof a third party. The decision to contribute capitaland/or business knowledge to a new companywill enable individuals to deduct 20 percent oftheir State Personal Income Tax quota. In addition,all profits obtained from the activity aretax-exempt if reinvested in other newly incorporatedcompanies.In the area of fiscal support, the new legislation providesthat the self-employed and SMEs that are notsubject to the modular tax system and with turnoverof less than EUR2m (USD2.6m) will not have topay value-added tax (VAT) on invoices until theyare actually settled. The measure is to apply fromJanuary 1, 2014, and is expected to benefit almost1.3 million self-employed individuals and over 1million SMEs in Spain.The draft law provides for the introduction of afiscal incentive for corporations electing to reinvestpart of their corporate profits in the business.Consequently, companies with a turnover of belowEUR10m will be able to deduct from tax up to 10percent of profits obtained in the tax year in whichthey are reinvested in economic activity. This initiativeis predicted to benefit 200,000 self-employedtaxpayers and 185,00 SMEs.Th e Government also aims to promote the conceptof "business angels," namely individualsTo support funding for entrepreneurs, internationalizationcovered bonds have been created.These are assets secured by loans earmarked for theinternationalization of companies or for exports.Other key non-fiscal measures contained in the legislationinclude plans to create the statute of "limitedliability entrepreneur," intended to ensure thatthe self-employed no longer have unlimited liabilityfor their business debts. Furthermore, their primaryresidence will be exempt from liability, providedthat the value of the property is not in excessof EUR300,000.Finally, the legislation creates the concept of thelimited liability capital growth company, whichallows companies to be set up with share capitalof less than EUR3,000. Under the provisions, thecompany is required to contribute 20 percent ofits corporate profits until such time as the capitalrequired by law is fully paid.72