National taxes are made up of direct taxes on income, both corporate and personal, assets, inheritance and gift taxes. There are also indirect taxes, including a Value Added Tax (VAT), transfer tax and stamp duty, excise and customs duty. Other taxes may also apply.
The standard rate of VAT is 21 per cent and applicable to most products and services. A reduced 10 per cent rate is applied to goods such as some foods, medical and pharmaceutical products and hospitality services. A four per cent levy applies to basic foods, books and newspapers.
Those considering doing business in Spain should seek advice from a tax professional specific to their individual circumstances.