Canary Islands approve inheritance and endowment tax bonus and stop collecting $18 million

Canary Islands approved bonus tax inheritance and donations. Regional Government adopted today at the Governing Council Change the Inheritance and Gift Tax tax rate and subsidize it at 99.9%It reverts to its state on December 31, 2019. To this end, the Government has today passed a decree subsidizing this tax. due to kinshipA measure according to the calculations of the executive Financial cost of 18 million euros annual for the public treasury.

Finance Minister Matilde Asian explained after the meeting that this tax, as conceived in recent years, assumes an unfair “add-on” on Income and Equity as it is taxed when it is earned. are taxed when saving. In addition, in his view, it does not make sense that in a community with a tax regime with advantageous taxation, such as the Canary Islands, the Canary Islands would have to pay more for this concept than in other Spanish regions where there is a subsidized tax. .

This regulatory change is primarily aimed at protecting middle and low incomes from business income, Asian explains. According to the data of the General Assembly of Notaries, In 2022, about 2,000 canaries refused inherited property This sets a record, placing the Autonomous Community among the regions with the highest percentage of heirs rejecting inheritance mainly because of admission costs.

Inheritance tax bonus Up to the fourth degree relatives will be benefited in donations up to the second degree. According to the management, one of the reasons explaining this decision is the “high non-financial cost” borne by the beneficiaries in case of succession, mainly due to consultancy and administrative expenses affecting “middle and low income earners”. The sharp increase in direct taxes caused by the increase in the reference values ​​of real estate after the regulation that came into effect on July 1, 2021 is also to be mitigated as much as possible.

Source: Informacion

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