Huge wealth tax: who can it affect? In which countries is it paid?

closest thing to foreclosure fortune In Spain there will be wealth tax that falls on net wealth, i.e. debts are deducted. Many years ago it was common around the world, but today it is a rare bird. It was born in Spain in 1977 as an “extraordinary” tax. Jose Luis Rodriguez Zapatero It was decided to be abolished in 2008, but rebounded in 2011 due to the downturn in revenue due to the crisis. It has since been extended to 2020 accounts in the State Budget, here again permanently.

Juan Manuel Moreno Bonilla, president of the Junta de Andalucía, put it back on the table, declaring a 100% bonus as practiced in Madrid. Other PP-led communities have joined the trend, as in the case of Galicia, which announced that the 25% reduction applied so far will increase to 50%.

In more developed countries that have integrated, OECDpayable only in addition to Spain, Switzerland and Norway. Also, according to a comparison by consulting firm EY, there are some taxes that fall on certain assets and not on wealth as a whole, as in France, Belgium and Italy and even the United Kingdom.

Spain

Taxpayers whose assets exceed €700,000 must pay a rate ranging from 0.2% to 3.75%, as this tax is redistributed (whoever has more pays more). Its management is the responsibility of autonomous communities, which can impose deductions or bonuses and make changes in rates from the exempt minimum. In fact, the exempt minimum amount was set in Aragon, where it was reduced to 400,000 euros; Community of Catalonia, Extremadura and Valencia (500,000). Lowering this threshold involves more filers. In the Community of Andalusia, Extremadura and Valencia, minimum limits have been increased for taxpayers with disabilities.

Switzerland

Tax collection varies by canton (regional distribution of the country) and is applied to some of the assets the owner may own in any country in the world.

Norway

A rate of 0.95% applies to assets exceeding $190,000 (approximately €195,000). If they exceed $2.3 million (€2.4 million), the tax rate is 1.1%.

France

The so-called solidarity tax on wealth created in 1989 was abolished by the Government of Emmanuel Macron in 2018. This tax was replaced by the tax on real estate property (IFI). The rate applies if the net worth of real estate assets exceeds €1.3 million. This rate can go up to 1.5% depending on the value of these assets.

Italy

The Italian tax on large estates is 0.76% on property outside the country and 0.2% on financial investments.

Belgium

A tax of 0.15% was introduced in 2021 on securities accounts that meet or exceed: million euros both inside and outside the country.

United Kingdom

Although there is no wealth tax in the UK, this country does not impose a so-called ‘Officer Land Tax’. This tax is levied on the purchase of a property or land above a certain price. In the case of residential property, the minimum exemption amount is £125,000 (EUR 141,300), reaching a maximum of 12% for properties valued above 1.5 million. And in the case of non-residential property, the minimum exempt amount is £150,000 (€169,000) and the maximum rate is 5%.

Source: Informacion

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