There will be a tax premiere this summer. From 1 July to 31 Julyor new state tax levied will need to be submitted assets of more than three million euros and this will mainly affect communities such as: Madrid, freeing taxpayers wealth tax. The planned deadline is in July because those affected will be able to deduct the amount paid for the property lienTransferred to autonomies from 11 April to 30 June and presented as income tax (IRPF). aim prevent high net worth persons from paying taxes twice for the same taxable event.
This new tax, taxing the 2022 fiscal year, begins to be collected this year. In principle, it is a temporary tribute for 2023 and 2024, included in the package of measures taken by the government to mitigate the effects of the war in Ukraine. Inside CataloniaThe government has created a new tranche starting at 3.48%, starting at 20 million euros, to prevent some of this tax from going into the state coffers. will be entered like this additional 12 million euros Otherwise, for assets over three million euros, the provisional tax would go into the State coffers when it comes into effect. The current rate reaches a maximum of 2.75% from 10,695,996.06.
State tax falls on assets between 3 and 5.3 million euros, that they will be subject to a tax of 1.7%; Between 5.3 and 10.6 million euros will be subject to a rate of 2.1%; and assets over €10.6 million will be taxed at a rate of 3.5%. In order to determine the amount of this tax, the rules determined in the wealth tax law will be applied. This includes a discount for: general exemption minimum 700.000 Euro. According to the data provided by the Ministry of Finance, this tax is only to 0.1% of all taxpayerstranslates to approximately 23,000 taxpayers.
Deletion or maintenance
Although it was started with a temporary assignment, it is a fact that the results will be evaluated at the end of the validity period and can be recommended in the light of these. maintenance or deletion. Introduced to increase collections and harmonize regional regulations, this new tax is structured as a direct, personal and supplemental wealth tax that taxes the net worth of individuals over three million euros.
It applies throughout the national territory (without prejudice to the Basque and Navarrese foral regimes and the provisions of international treaties and conventions that are part of the domestic legal system); and not transferable to autonomous communities. Taxpayers are obliged to submit a declaration if it is revealed that the tax quotas calculated according to the tax legislation have been paid after the relevant deductions or reductions have been applied.
The introduction of this new tax particularly affects taxpayers residing in Turkey. autonomous communities where wealth tax is subsidizedas in communities, Madrid and Andalusia (100% subsidized) and to a lesser extent Galicia (50% subsidized from 2023 -25% in 2022). Despite the taxpayer’s domicile issue, the introduction of this new tax may affect many taxpayers and families, mainly business women with regard to corporate structure, the composition of personal/business assets, established compensation systems, and in short, all the elements that may become key in the field of asset taxation, as explained by tax advisors.
Madrid is the community that received this new tax with the greatest combativeness. president of the community, Isabel AyusoPP was the first to open judicial fire. Community of Madrid Governing Council on 31 January Constitutional Court Objecting to the unconstitutionality of the so-called “temporary solidarity tax for great wealth”, it demands a precautionary suspension of the new tax. The supreme court will review the petition but has refused to suspend it. Moreover Andalusian Juntathe presidency is also popular Juanma Moreno Bonillaobjected.
In response, the Catalan employers’ association Foment del Treball also opposed the tax, and its president, Josep Sanchez LlibreHe called on taxpayers with a net worth of over three million euros to file an administrative appeal as soon as they pay the tax so that they can benefit from the decision if it is declared unconstitutional in the future.