Saturday, November 26

The Government ensures the approval of taxes on banks, energy companies and great fortunes

The three new taxes (banking, energy and large fortunes) have passed their final processing in Congress this Thursday and will go to the Senate for approval and entry into force on January 1. The Government has secured the necessary support from its traditional parliamentary partners to be able to carry out the new fiscal figures, although with some modification with respect to what was initially planned that may decrease its collection

The socialist and confederal parliamentary groups of Unidas Podemos, who registered this bill, have received the support of their partners for the text after including the respective amendments. ERC, EH Bildu, PNV, BNG and Más País, among others, have ended up supporting the creation of these new taxes, which will begin to be collected in 2023, based on the results of this exercise. They will only do so for two academic years, since they are temporary tributes.

This is one of the points that have raised some criticism from some of the partners, such as EH Bildu or ERC. However, they have included an amendment in the text that has made it possible to ensure that when this period is over, a study will be carried out to analyze whether it can be converted into a permanent tax. These parties, which have secured their vote in favor of the text, nevertheless point out that it falls short. “We wanted to go further, but today we are taking an important step,” said Joan Margall, deputy for ERC.

Initially, it was expected that the bank tax would collect 1,500 million annually and that of the energy companies, 2,000 million. However, this second figure will be significantly lower, since an amendment agreed between the Government and the PNV leaves out income from regulated activities. “We think it’s right to leave them out because by their nature they are not likely to have extraordinary benefits,” said Txema Guijarro, deputy for United We Can.

However, the text drags some criticism from its partners. For example, Joan Baldoví, from Compromís, or Margall, from ERC, have defended that at least part of these taxes should be collected by the autonomous communities themselves. The PNV has also questioned the invasion of the powers of the Basque haciendas, despite the fact that the Government agreed with Bildu that it will transfer the collection corresponding to these territories to Euskadi and Navarre.

This law, when it was registered, contained only the taxes of banks and energy companies. However, a new tax has been included in the parliamentary process: that of great fortunes. This tax will begin to be collected in 2023 on the 2022 assets of those taxpayers who have assets of more than 3 million euros. It will be effective throughout Spain, so it will invalidate the bonuses offered by communities such as Madrid.

The norm will pass to the Senate with the rejection of the bench of the right. PP, Vox and Ciudadanos have rejected these measures en bloc and have warned that they can be appealed and annulled in court. “We are going to pay a very high price for their voracity to stay in power,” said Edmundo Bal, deputy for Ciudadanos. “They don’t pay any attention to us and the tax is going to mean double taxation,” he added. Gabriel Elorriaga, representative of the PP, has positioned himself along the same lines, who has defended that the Government “has completely lost its way” and that this tax “is nothing more than one more irregularity of the many that they have committed in the processing of the Budgets”. “It is an anti-European model,” he added. Rubén Manso, from Vox, has criticized the redistributive objectives of the regulation. “By distributing wealth you don’t live better, you spend less envy”, he assured, to celebrate his bench.

The norm has included new amendments on other fiscal rules. The most prominent is the one that affects tax incentives for the audiovisual production of films and series. Among other issues, the maximum limit remains at 10 million euros in the case of series, although before it was per season and now it will be per chapter. This will benefit, among others, the large streaming platforms for their productions in Spain, such as Netflix, HBO Max or Amazon. Both the Minister of Culture, Miquel Iceta, and ERC have claimed this measure. “We live in global competition and we have to be competitive. The attribution of tax benefits to foreign companies that work in Spain is absolutely necessary if we want to be at the forefront of the world”, Iceta assured.

Leave a Reply

Your email address will not be published. Required fields are marked *