The Spanish government is “working” on a new temporary tax on large fortunes to respond to the crisis caused by the war in Ukraine and inflation, Finance Minister María Jesús Montero announced this Thursday.
The tax should come into effect from January 1, 2023, will be temporary and will be used “a similar scheme” to the one already proposed to banks and companies in the energy sector. , the minister told journalists in Madrid.
Maria Jesus Montero defended that it is necessary to “ask a greater effort” from those who have extraordinary profits, such as companies in the energy sector, because of the rise in prices and “the highest income”.
The new taxes are expected to come into effect in the next two years, but “it all depends on how the war in Ukraine goes,” he added.
Although she doesn’t want to go into more detail, because “the technicians” are still at work, María de Jesús Montero said that the new tax will affect “millionaires”, which translates to about 1 percent of the Spanish population.
The new tax will be different from the tax already existing in Spain on assets over 700 thousand euros (excluding 300 thousand euros for permanent housing), which is a revenue from the autonomous communities.
The Madrid region does not collect this heritage tax and the regions of Murcia and Andalusia have also announced in recent days that they will do the same.
The new wealth tax is a proposal from Unidas Podemos, the platform of left-wing parties that is part of the coalition that sits in the government of Spain, led by the socialists.
The announcement of the new tax comes weeks before the 2023 state budget, which the Socialist Party (PSOE) and Unidas Podemos are currently negotiating, is presented.
In July, the two sides submitted a joint proposal to the Spanish Parliament to introduce extraordinary and temporary taxes for banking and energy companies in Spain, which will focus on interest and commission gains, in the case of banks, and on sales, in the energy sector.
The Spanish government wants to impose a tax of 4.8% on the interest and commission income they charge customers in 2022 and 2023.
The tax, if the proposal is approved when it entered parliament, will apply to banks with interest and commission gains of at least EUR 800 million in 2019, the base year chosen as it will be the last without disruption from the Covid-19. pandemic. .
Energy companies. Spanish government proposes 1.2% sales tax in 2022 and 2023
Only profits from activities within Spain are taxed, so interest and commission income from establishments abroad are excluded.
These profits are the profits resulting from the difference between the interest and commissions that banks charge to customers and those that they pay.
In the case of energy companies (oil, electricity and gas), the Spanish government proposes a tax of 1.2% on turnover in 2022 and 2023.
The tax is levied on companies whose main activity is energy and which earned more than one billion euros in 2019.
Sales outside Spain are also excluded.
The government expects an annual turnover of 3,500 million euros from these taxes, with banks contributing 1,500 million and energy companies 2,000 million.
According to the Spanish press, about 20 companies in both sectors will have to pay these extraordinary taxes.
The executive said these revenues will be used to fund measures it has taken since the start of the war in Ukraine on Feb. 24 to try to reduce the effects of inflation on the economy and household income.
These measures include discounts on fuel purchases and public transport subscriptions, checks of 200 euros for people with lower incomes, increases in pensions or lower VAT on electricity and gas.
Source: DN
