The BOE published on November 6 the decree that includes the package of 10.6 billion euros in aid for families, SMEs and the self-employed. Ana P. Alarcos, Europa Press November 7, 2024, 6:01 a.m. The Official State Gazette (BOE) published on November 6 the aid plan of 10.6 billion euros intended to alleviate the effects of the DANA, which includes direct aid and fiscal and labor measures, in addition to lines of guarantees endorsed by the Government for SMEs, the self-employed and families to meet the expenses suffered by the catastrophe. In a Royal Decree-Law of almost 50 pages, signed by King Felipe VI and the President of the Government, Pedro Sánchez, the BOE collects all the measures approved on Tuesday by the Council of Ministers with the aim of restoring normality to the areas affected by the storm, and which are part of the 'Immediate response, reconstruction and relaunch plan of the Valencian Community', whose initial amount reaches 10.6 billion euros. This plan comes into force on November 7 and will soon be submitted to Congress for validation in public debate. It will be applied in 78 municipalities, the majority in the Valencian Community (75 in the province of Valencia, 2 in Castilla-La Mancha and 1 in Andalusia). The package, the amount of which will be increased as needs arise, includes direct aid and fiscal and labour measures, and also includes a new line of guarantees (ICO-DANA) worth 5,000 million euros so that SMEs, self-employed workers and also families, as a novelty, can request credits guaranteed by the Government to meet the expenses incurred by the catastrophe. Requirements and deadlines to apply for aid Aid to families for damage or destruction of homes Aid for self-employed workers and companies Aid to pay mortgages and loans Requirements and deadlines to apply for aid Aid to families for damage or destruction of homes Aid for the repair of homes is between 20,000 and 60,000 euros, while for changing or restoring furniture or appliances up to 10,300 euros will be given. In addition, for the repair of elements of the neighbours' communities the aid will be up to 37,000 euros. Those affected by the DANA who want to access aid for damage or destruction of their home must submit applications within two months from the entry into force of the Royal Decree-Law. That is, from this November 7. To receive these aids, it is necessary to prove ownership of the properties affected by the incidents and any document that demonstrates said ownership will be accepted as evidence, such as, for example, receipts for payment of the Property Tax or others of a similar nature. Likewise, to prove the amount of damage to the home and essential goods, in those cases in which there is no insurance coverage, an expert report contracted and validated by the city council will be accepted, which states the destruction of the home with an assessment of it, or the damage suffered by it or in the essential goods with an assessment of them. On the other hand, it will be possible to advance the amounts that will be received later on account of the compensation to be paid by the Insurance Compensation Consortium to cover expenses of all kinds, which include everything from the re-equipment of shops to the acquisition of household goods. The Ministry of the Interior has published the forms to request aid. Meanwhile, the Ministry of Housing and Urban Agenda (MIVAU) has explained that the rule "delegates to the corresponding Government Subdelegations the power to resolve the procedures for these applications." Aid for self-employed workers and companies Direct aid for SMEs and self-employed workers will be 838 million euros. Self-employed workers will be able to receive 5,000 euros, while, in the case of companies, the amounts will range between 10,000 and 150,000 euros. The approximately 95,000 people affected by the DANA will be able to apply for direct aid between November 19 and December 31 using an electronic form on the Tax Agency's website. The form will be published on November 19. According to the Ministry of Finance, the Government's objective is to make both the application and the granting of these aids "as simple and fast as possible." Thus, it will be enough to indicate the bank account in which you wish to receive the aid payment in said form. The aids will be paid by the Tax Agency by bank transfer from December 1. In addition, these aids will be exempt from taxation both in the Personal Income Tax for economic activities, as well as in the Corporate Tax. Regarding information and the application, the AEAT has confirmed that it has created special service points in its offices in the province of Valencia.

TWO of Spain's largest high-street banks are reported to be in merger talks, potentially resulting in the joint entity being the second-biggest in the BBVA bank's board of directors has confirmed to the media that the firm has expressed an interest in a 'possible fusion' with Banco Sabadell, and 'appointed advisors' on the matter. Banco Sabadell absorbed the now-defunct and ailing CAM bank during the recession years, increasing its presence on the high street and placing it among the biggest names in the financial services industry. Its share capital is currently valued at just over €236 billion, of which €185.2bn is held in Spain, according to Banco Sabadell's first-quarter results for 2024. If the merger were to be accomplished, BBVA would be the dominant player, with nearly €802bn in capital worldwide, of which €452.2bn is based in Spain, the bank's most recent accounts reveal. In total, the resulting mega-bank would hold a global share capital of €1,037bn and €637.5bn nationally. The stock market value would reach around €73bn, putting the BBVA-Sabadell enterprise only a fraction behind Banco Santander, currently one of Spain's largest corporations. This figure is nearly double that of the third-largest bank in Spain, CaixaBank, which has a stock market value of €37.5bn. Worldwide, BBVA has 5,912 branches, of which 1,881 are in Spain – fewer than half, compared with the much more nationally-based Banco Santander, which has 1,203 branches in Spain out of its global total of 1,414. Following a merger, the resulting corporation would have 7,326 branches and 140,776 employees, of whom over 46,000 are in Spain.   Impact on staff Many of these 140,776 employees will be feeling apprehensive about the results of merger negotiations, given that this type of operation usually leads to redundancies. Whilst a number could be redeployed, and a deal may be struck with older workers allowing them to take early retirement, it is estimated that up to 4,000 jobs may disappear due to duplication – particularly in human resources, finances and treasury – and as a consequence of branch closure. These predictions have been made by professor Ricardo Zion of the EAE Business School, based upon the result of CaixaBank's merger with the partially State-owned Bankia two years ago, when around 6,000 staff members were made redundant.   How a merger would affect customers Nothing is certain until the National Values Market Commission (CNMV) gives its verdict, since any takeover or combining of companies has to comply with competition laws. Effectively, it means this financial corporation activity regulator has to ensure any firm arising from a merger will not hold a near-monopoly. As yet, and as discussions are only just beginning, the effects on customers have not been detailed, but these are likely to be similar to those seen by clients of the CAM bank and then Bankia when they were absorbed by the Banco Sabadell and CaixaBank respectively. Changes for customers were minimal, with their cards continuing to work until they expired and were replaced with the newly-branded versions, and commission and other charges remaining the same for those with regular in-payments or direct debits. Analysts expect the Banco Sabadell mobile phone App and website will eventually cease in their current format, but will automatically redirect to those of the BBVA. IBAN numbers would probably change, but customers would be given plenty of notice of their new account details, and any existing standing orders or direct debits would be reset accordingly by the bank staff, with no intervention needed by the account holder.

RESIDENTS in Spain who bought a new home before 2013 may still be able to offset the purchase against their annual tax return, if they have not done so already. Until that year, buying a main residence in Spain gave the owner tax deductions, but the then Partido Popular (PP) government scrapped this benefit, at a time when taxes in general had sharply risen to aid a flagging economy. Now, over a decade on, the Central Financial and Contentious Court (Tribunal Económico-Administrativo Central, or TEAC) has created new windows to enable some of those who missed out to backdate their claims. Anyone who had already applied a tax deduction in their annual return (Declaración de la Renta) in 2012 or before in relation to a main residential property purchase, who had bought their home prior to January 1, 2013, or carried out renovation works on it before that date, would have benefited from the now-defunct reduction scheme. But some did not apply at all – those who did not have any taxable income, meaning they did not make a declaration, and those who were not obliged to file a tax return and opted not to do so, would not have offset their home purchase. The latter would include anyone whose income is below the taxable threshold, or whose earnings came from one single source – such as a full-time job or a single State allowance, like a pension – and was below a specific amount. These homeowners can now apply to offset their purchase against their 2023 taxes – for which the annual declaration window is still open, until June 30 – or in their 2024 return. This said, the TEAC does not allow a 'second opportunity' for anyone who, by choice, opted not to include their home purchase when making a tax declaration before 2013. But those who failed to apply for a first residence purchase deduction by mistake – rather than consciously – may still be able to apply now. These deductions do not apply to anyone who was not a tax resident in Spain at the time they bought their property. Spain considers you to be a tax resident if you spend 183 or more days of the year living in the country. Homeowners who believe they may be in one of the above situations should contact their legal and financial advisor – their gestor or asesor – who would normally file their annual tax returns.