Retirees who contributed until 1978 to the Banking Labor Reciprocity system should note a recent declaration by the Spanish Tax Agency. The agency admitted it overcharged these individuals in personal income tax and acknowledges that refunds are owed, potentially reaching up to 4,000 euros. The exact amount varies by each retiree and depends on the length of their working life and the period of contributions to the labor mutual benefit involved.
The trigger was a Supreme Court ruling. It confirms that current retirees who contributed to the Banking Labor Partnership are eligible for a 100 percent tax deduction for contributions made through December 31, 1966, and a 25 percent deduction for contributions from January 1, 1967 to December 31, 1978.
Moreover, the same ruling implies that the state may owe money to workers who contributed to other professional associations on those same dates, due to improper collection. This includes sectors such as construction, steel metallurgy, electricity, fishing, and shipyards.
Guidance from the Treasury for beneficiaries with higher fees
Through a correction of personal income tax self assessments for years that have not expired yet, specifically the most recent four years, affected individuals should pursue the debts owed to them. The process allows beneficiaries to file the claim, and if a beneficiary passes away, their heirs may continue to pursue the corresponding amount.