The Ministry of Finance will collect about 1,500 million euros for the new one Great Fortune Solidarity Provisional Tax Between 2023 and 2024was approved by AirREF (Financial Responsibility Authority), half of what was originally estimated in October and days later. This is the result of one of the amendments introduced by the PSOE and Unidas Podemos Parliamentary Groups last Thursday, which includes a reduction of up to 80% of the amount payable for the new tax if the sum of what is due is paid. exceeds 60% of the total income (taxable base) that the IRPF pays each year for major assets, assets and income (called the full quota).
Congress approves the Temporary Solidarity Tax for Great Fortune this Thursday. The purpose of this new Government tax is to tax assets of more than three million euros that are exempt from paying Wealth Tax due to suppression of the same by some autonomies, as in the case of Andalusia or the Community of Madrid.
New taxes on banking and energy will also be discussed in the same session. With the new tax on energy companies, the first collection target will be 4,000 million. some resources halve the amount the Admin will enter. When it comes to banking, organizations face an additional tax payment of 3,000m euros.
As for the great wealth tax, this tax 1.7% for assets between 3 and 5.3 million euros; 2.1% for assets between 5.3 and 10.6 million euros and 3.5% for assets over 10.6 million euros.
The political groups that made up the coalition government realized that the majority of taxpayers were affected by the new tax. You may face a tax burden that you cannot afford in relation to your annual income. (both work and savings) as the latest statistics show. Based on the data published by the Tax Office corresponding to the Wealth Tax (latest data corresponds to 2020), in the section from € 1,500,000 to € 6,010,000, the majority of the collection, especially in the section 51.3% You can see how it was obtained. total. Within this section there will be taxpayers of the new twin tax from € 3,000,000 to this existing one. For assets in the following segments (over €6,000,000), collection is significantly reduced (33% of total revenue).
Taking the average figures for Heritage’s most affected tranche, the 60% limit is set at €107,232, which is the maximum amount the taxpayer has to pay. Again, The sum of the IRPF, Inheritance and Great Fortune quotas (taking the figure appearing in the Bill) is 127.539 Euros.exceeds the 60% limit, which was set as one of the main measures set at the time to prevent the inheritance from being converted into a confiscating tax. This ceiling is also known as the ‘tax shield’.
This excess, which would mean paying twice for the same concept (the Bill makes it clear that the two wealth taxes are the same), is what corrects the wording of the new Article 3 of the Bill, which creates extraordinary taxes. about energy companies, credit institutions and great fortunes. especially, The installment amount payable for Big Fortune tax will need to be reduced by 50% so that the sum of the three installments (Great Fortune, Inheritance and Personal Income Tax) determined as 60% of the personal income tax base.
Given the data from taxpayers, they are almost fully compliant with the new tax and even with cautious assumptions about the data (possibly negative differences between the latest 2020 statistics and actual 2023 data), a very significant reduction can be expected. Significant increase in expected collection for 2023 and 2024: from 3,000 million to 1,500 million as envisaged by the Ministry of Finance. The possible recovery of the stock market values and the expected cadastral valuations for the next year will contribute positively to the calculation of the tax. But still, taxpayers can rely on certain margins to structure their assets differently and to avoid, at least in part, the payment of the new tax and, by the way, the Inheritance tax in the autonomies where it continues to exist.
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