tomarial has analyzed the company's challenges for 2024, highlighting the increase in tax pressure and labor costs as two of the biggest challenges that companies will have to face in the next year. The partners of the firm They have presented in one day the main legislative developments that will affect companies in tax, labor and commercial matters. “The macroeconomic outlook for the Spanish economy is lower GDP growth and, therefore, a slowdown, with interest rates lower than in 2023 and a very slight moderation in inflation. A scenario that could change for the worse if some of the risks that threaten the world economy due to geopolitical conflicts, energy and raw materials markets or increases in interest rates materialize,” highlights Antonio Ballester, managing partner of Tomarial.
Antonio ballester explains that “in the absence of a Budget Law, the news leaked by the Government predicts a year 2024 with greater tax pressure, greater regulatory interventionism and new obligations for companies in all areas. The uncertainty reaches key issues in labor matters, such as the reduction of the work week to 35 hours or a new increase in the Minimum Interprofessional Wage.”
In this Tomarial day, focused on entrepreneurs, the partner of Laboral santiago blanes has influenced some critical points of the dismissal, highlighting the judicial trends of the last year regarding the annulment of the dismissal because the worker is in a situation of temporary disability, as well as the open door to establishing greater compensation for dismissal than those established legally: “This, as well as the Government's announcements, mean that we may find ourselves on the verge of a modification of severance pay in Spain.” Santiago Blanes also highlights that the constant increase in labor obligations will continue for companies and the 5% increase in the maximum Social Security contribution bases will mean a substantial increase in personnel costs. Also, on the part of Salvador Mut y Sara Puig, both from the labor department, they talked about digital nomadism and a possible upcoming reform of working hours and working time.
The partner of the Tax Area of Tomarial, Miguel Angel Molina, has highlighted the forecast increase in fiscal pressure for 2024: “A fiscal adjustment of 7.500 billion euros is estimated and that fiscal measures related to the war in Ukraine and the effects of inflation will not be extended. The possibility of extending the limitation on the compensation of tax losses for groups, establishing a minimum tax of 15% on the accounting result, extending the solidarity tax for large fortunes, as well as an increase in the effective tax rate in “Corporate Tax.”
Miguel Ángel Molina has also exposed the consequences of the tax reforms in the Valencian Community, highlighting the 99% bonus on inheritances and donations since May 28. In his opinion, there will be more tax reduction measures in this year, but he believes that the improvement of taxation on inheritances and donations to brothers, uncles or nephews, the reduction of the autonomous section of personal income tax or the taxation in the Wealth Tax.
Tomas Vazquez Lepinette, founder and director of Tomarial's Legal Area, has focused on the effects of the new right to insolvency, which has increased debt restructuring plans and second chance procedures. He has also highlighted the opportunities provided by the new Start-up Law and the importance of implementing the complaints channel, which is already mandatory for many private and public companies.
The closing of this day of Tomarial has been put by his advisor of Counsel, Javier Orduna. The professor of Civil Law at the University of Valencia and former judge of the Supreme Court has given a conference on “Transparency and compliance in modern contracting under general conditions”, focusing on its practical application to company activity. Javier Orduña highlights the new contracting protocols as instruments of legal security and social reputation of companies.
Tomarial's forecasts for 2024 have been in the news in different media. From these links you can read the news published by Valencia Square, 3 Economy y ProDispatches. You can also access from here a photo gallery with images of the day.
