Congress approves three new taxes to hit 10,000 million in two years

Parliamentary groups that support the government –PSOE and United We Can– promoted urgent action In order to be finalized before 31 December and to introduce new taxes, this law proposal Valid from 1 January 2023About accrued income and assets in 2022. The bill, which won the support of the plenary of Congress this Thursday, is going to the Senate to complete the parliamentary process.

The government justified the eligibility of these three new taxes in relation to the need to obtain additional resources to finance relief measures. families and companies most vulnerable to current energy crisis and inflation. The text, however, leaves the door open to assess its eligibility at the end of 2024. make these liens permanent.

socialist spokesperson Peter Casares He justified the tax against a right that “protects the interests of banks and energy companies more than the banks and energy companies themselves”. On behalf of United We Can, Txema Gravel He pointed out that the purpose of taxes is, among other things, to enable “those who benefit from a catastrophic situation to help and pay.” He also argued that the bill was perfectly legal and urged the opposition to “explain what legal principle or rule was violated”.

The PP voted against this bill and its spokesperson. Gabriel Elorriagawarned that the new taxes would be subject to appeal in court. “Most of them will be cancelled,” he predicted. Elorriaga specifically referred to the character. unconstitutional According to him, there is a new tax on assets over 3 million euros, as its regulation was combined with an amendment to the bill to create new taxes on banks and energy companies.

Here are the new taxes approved at the plenary session of Congress today:

bank tax

This tax will levy 4.8% tax on commission and net interest income collected by the largest financial institutions with revenues exceeding 800 million in both concepts. The tax will tax income generated in Spain and will also affect foreign entities doing business in the country. The Treasury expects to enter 1,500 million from this tax in each of its two years into effect.

energy tax

It charges 1.2% tax on it. energy sales companies with a turnover of more than 1,000 million euros and which generally derive at least 75% of their revenue from mineral extraction activities. The tax will tax the activities of foreign companies in the national territory, not the activities of Spanish multinational companies abroad. During the assembly process, revenues generated by companies from regulated electricity and gas tariffs and from all regulated activities in general were excluded from the tax base. In principle, the Treasury had planned to collect 2 billion euros for this tax every two years when it would come into effect.

Heritage

The new tax, called the “temporary solidarity tax on great wealth”, is structured as a state tax. net worth starting at three million euros of real persons. From the fee incurred for this tax, each taxpayer can deduct what they have previously paid for wealth tax in their autonomous community. Thus, the new tax will result in higher taxation. Madrid and Andalusia (communities where the territorial wealth tax has been abolished) and eight other autonomous communities where for some segments the wealth tax is lower than the state rule, for example, Catalonia. The Treasury estimates there are 23,000 taxpayers with assets of more than 3 million euros and calculates that the new tax could report an additional collection to the Tax Office. 1.5 billion € each of the two years in which it will be in effect.

loss compensation

The bill, which was approved at the Congress of Deputies this Thursday, also included the following provision with one amendment: Limits the probability of reimbursement of subsidiaries to 50% in 2023. The other half, which is pending, will be included in the corporate tax base at an equal rate in each of the first ten tax periods as of January 1, 2024. With a revenue impact of 2,439 million between 2023 and 2024. According to the Treasury, this measure is not a tax increase, but rather a deferral of the tax advantage required by compensating losses.