María Jesús Montero, Minister of Finance and Public Function, announced that the Government has agreed on new fiscal measures and a new solidarity tax. Revenues collected more than 200,000 will result in an increase in personal income tax and the new solidarity tax that affects. 23,000 people with assets of more than three million eurosthe government intends Raising more than 1,500 million euros.
At the press conference held by the government to present the fiscal measure package, Montero said that the new tax that will be in effect in the 2023 and 2024 fiscal years 1500 million euro collection. The tax will have three parts: a rate of 1.7% for assets between 3 and 5 million; 2.1% for assets between 5 and 10 million euros and 3.5% for assets over 10 million euros.
At the same time, the government Increase taxation of capital income by up to 27% in personal income tax over 200,000 eurosand for capital gains above 300,000 euros, it will rise to 28%, two percentage points higher.
Alongside this increase in high incomes, the Government will also approve personal income tax measures to support middle and low incomes, raising the tax benefit currently applicable to incomes of up to €18,000 to €20,000. This measure will mean a savings of 1,881 million Euros.
Likewise, income from work of more than 15,000 euros (more than 1,000 euros from now) will be exempt from personal income tax.
Treasury cuts corporate tax for SMEs to 23%
Montero announced this Thursday that it has lowered corporate tax to 23% for SMEs that invoice less than one million euros, and temporarily limits previous years’ loss reductions that can be applied by large business groups.
at the press conference to present state tax packageMontero detailed that a two-point reduction in the corporate tax rate that bills below one million euros would benefit 407,000 companies and save them 292 million euros.
On the other hand, large consolidated groups will only be able to cut 50% of their losses in 2023 – applying the rest in 2024 – which will increase collections by 2,439 euros in 2023 and 2024, affecting only 3,609 companies, 0.2% of the total.