News in the Renta 2023 for self-employed workers

The IRPF (Personal Income Tax) will be reduced for self-employed workers who are in the objective estimation regime, among other new changes.

The 2023 income tax return will include important new features for the self-employed. These include a five-point reduction in Personal Income Tax for those who are in objective assessment, as well as a 2% increase in the deduction for expenses that are difficult to justify.

Savings on tax returns

Thus, self-employed workers will be able to enjoy a certain saving next year in their income tax return. Those who are taxed in objective estimation will enjoy an additional reduction in their personal income tax. For their part, self-employed workers who pay tax under the simplified direct assessment regime will be able to increase the rate applied to expenses that are difficult to justify. This increase will go from the current 5% to 7% of net income. The maximum amount for including this type of expense is 2,000 euros. It is estimated that the savings from these measures will be around 184 million euros.

The government has also announced that it plans to raise the tax rate for higher capital gains by 1%. This means that those whose capital gains are higher than 200,000 euros, the personal income tax rate will rise to 27%. Those earning more than 300,000 euros a year will be taxed at a rate of 28%.

Self-employed with two or more children

In the case of self-employed people who have two or more children and who file a joint tax return with their partner, the minimum taxable income will increase to 19,000 euros.

Reductions for companies

Companies will also have to face changes in their tax returns. One of the most important of these concerns the nominal reduction in corporation tax. This tax will go from 25% to 23% for companies with a turnover of less than one million euros. At the same time, the limitation imposed by the Treasury to offset the losses of subsidiaries in consolidated groups will be reduced to 50%.

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