The legislative agreement reached between PSOE and Sumar includes the indefinite extension of extraordinary taxes on banks and energy companies and the tightening of corporate taxation to a minimum of 15%. The text defends “A global reform of the Spanish tax system “increase its graduality and reduce the income gap on GDP compared to the European average (46% of GDP) at the end of the period”. Considering that the income level in Spain is around 42% of GDP, the 4th -point difference will be equivalent to success additional collection of almost 62,000 pieces million dollars through taxes and social contributions by the end of the legislative term.
1. Banking and energy
Sumar’s second vice president and leader, Yolanda Díaz, said after the public signing, “We will not lose the tax on banks and energy companies. We are still in an exceptional situation and we cannot afford to lose them.” Legislative agreement with deputy head of government and PSOE leader Pedro Sánchez.
“We will review the taxes imposed on banks and energy companies with a view to readjusting and maintaining them once their current application period expires, so that both sectors continue to contribute to tax fairness and the maintenance of the welfare state,” he said. Text of the agreement signed by Sánchez and Díaz.
Both taxes have been temporarily adopted by banks (through commissions) and energy companies to be closed in 2023 and 2024 on revenues generated in 2022 and 2023. The main criticism raised by these figures is that income is taxed, not profits made.
2. Minimum 15% tax on companies: 10,000 million
The acting president also explained that the legislative agreement includes a new, tougher formulation of the current minimum 15% taxation in corporate income tax. “Large companies will finally pay 15 percent corporate tax on accounting results“Not to the much lower tax base,” Yolanda Díaz said. Thus, the minimum 15% tax will be applied to “real profits, not what they say they make” (companies). and however, according to the vice president, an additional 10,000 million euros could be collected once the measure is fully implemented.
The State Budget for 2022 has already introduced a minimum tax of 15% on companies, which is applied to the tax base of the tax. In the first year of its implementation, this figure managed to report to the Treasury $ 538 million deposited to the Tax Office from the declaration submitted in 2023 (for benefits received in 2022). The collection capacity of this figure is therefore almost 20 times less than the capacity that PSOE and Sumar attribute to the imposition of a minimum 15% tax on the accounting result (before tax benefits).
3. Wealth tax
The document signed by PSOE and Sumar within the framework of negotiating and designing a new regional financing model undertakes to evaluate the results of the call ‘Temporary solidarity tax on large fortunes’‘, with the aim of “moving towards a new taxation of wealth within the framework of an autonomous financing model” unfair tax competition between regions. Like the extraordinary taxes on banking and energy, the new state tax on net assets of 3 million euros and above has been provisionally approved to apply only for the years 2022 and 2023 (for declarations of 2023 and 2024 respectively). . The Tax Office collected a total of 623 million euros after the first declaration of this tax, submitted last July. This collection figure represents less than half of the €1.5 billion annual target the Government planned when it announced this new tax (only representing 41.5% of what was expected).
4. Green taxation
The coalition agreement for a “Progressive Government” includes increasing green taxation to encourage the energy transition and decarbonisation of the economy, but avoids specifying through what tax figures. The text refers to “a green taxation that will follow its predecessor.”‘polluter pays’but these measures will always be accompanied by compensatory measures in direct taxation or expenditure policies, to prevent ‘those who can afford to pay continue to pollute’ and to encourage the necessary changes among the middle and working classes, with a consideration of distribution. effects and establishment of compensation mechanisms”.
5. Better tax treatment for families whose children are already self-employed
PSOE and Sumar also commit to developing “a tax reform targeted at families and coordinated with social spending policy.” Improving incentives and dependency per child. In addition, both groups signed a general purpose to promote “improvement in taxation.” Freelancers and SMEs, “We are increasing incentives to increase their commitment to the ecological and digital transition.”