Income Tax Rates in Spain
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As a precursor to possible retirement in Spain, I've looked at this forum for a few years now and find it so interesting and enlightening. I'm surprised however to have seen little comment on Income Tax rates in Spain. As an expat Brit, currently living in Cyprus, I thought it might be interesting to compare the amounts of income tax payable on various levels of income with UK and my present home. Tax payable in each country on income ranging from €20,000 to €60,000 is as follows (£1 converted as €1.22). Spain seems to be very, very highly taxed, or am I missing something here?
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Spain |
UK |
Cyprus |
Income |
Tax payable |
Tax payable |
Tax payable |
€ |
€ |
€ |
€ |
20000 |
3564 |
2420 |
100 |
30000 |
6249 |
4420 |
2200 |
40000 |
9215 |
6420 |
4885 |
50000 |
12915 |
8420 |
7885 |
60000 |
16702 |
11714 |
10885 |
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Have you taken allowances into consideration in your calculations?
Sue
_______________________
Sue Walker
Author of "Retiring the Ole Way", now available on Amazon
See my blog about our life in Spain: www.spainuncovered.com
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Hi Sue, Yes I have. I used EUR 5,151 for Spain, EUR 19,500 for Cyprus amd GBP 6,495. I didn't do a great deal of research and was rather hoping someone might tell me I'm talking through my rear regarding Spain as the taxes seem to be so astonishingly high. Although it must be said that Spain's top rate is only 43%, compared with 50% in UK (but only on income over GBP 150,000!)
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