Contributions to pension plans are deductible in the income statement, reducing the tax base up to the established legal limit. Said deduction limit will be the lower of the following amounts:
- 1,500 euros (provided that the promoter contributions to the Employment Pension Plan do not exceed 8,500 euros)..
- 30% of net income from work.
In the case of having made contributions that are not deductible (for having exceeded the limit) in personal income tax, the excess can be transferred to the following five fiscal years.
Tax residents in Pais Vasco:
A maximum of 12,000 euros per year may be deducted (5,000 euros per year in the case of individual systems, up to 12,000 euros for business contributions).
Tax residents in Navarra:
- Under 50 years: maximum annual deductible contribution of € 2,000 or 30% of income from work and economic activities (the lesser of these amounts).
- Over 50 years: maximum annual deductible contribution of € 5,000 or 50% of income from work and economic activities (the lesser of these amounts).