The Government has announced this Thursday a package of fiscal measures aimed at those who have the most and the most vulnerable. A plan so that the highest incomes and assets pay more taxes, some newly created, and also so that medium and low incomes see their burden lightened in order to face inflation.
These are all the measures announced this Thursday that will come into force on January 1, as long as the general state budgets for 2023, which are still under negotiation between PSOE and United We Can, and which must then pass the parliamentary process, are approved. in time and form. This is how they will affect you:
Personal income tax on income less than 21,000 euros
The most modest income, between 15,000 euros and 21,000 euros gross, will see reduced income tax. To give an example, a worker who earns 18,000 euros a year will save 746 euros with this measure and will pay 40% less. More examples: a married worker with two descendants and a salary of 19,000 euros who makes his joint declaration will stop paying personal income tax and save 331 euros. A pensioner who earns 16,500 euros will benefit from savings of 689 euros. And a single-parent worker with two descendants and a salary of 18,500 euros will save 516 euros.
Rents for up to 15,000 euros
The minimum exempt from paying taxes will rise from 14,000 to 15,000 euros. Taxpayers below these 15,000 euros will not have the obligation to present the income statement. Both measures will benefit around 50% of workers.
Personal Income Tax
Self-employed workers will have an additional 5% discount on the net performance of modules. The reduction for deductible expenses that are difficult to justify in taxation under the simplified direct estimation regime will also be raised from 5% to 7%.
“Solidarity tax on large fortunes”
It is, for the Government, one of the jewels in the crown of the fiscal package. Taxpayers with assets of at least 3 million euros and who benefit from bonuses, as in the Community of Madrid, will have to pay the new "solidarity tax on large fortunes". It is nothing more than a harmonization of the wealth tax through the back door. In this way, net assets, excluding debt, of between 3 and 5 million will pay 1.7%; between 5 and 10 million will pay 2.1%; and those who have more than 10 million will pay 3.5%. It is aimed at some 23,000 taxpayers who will have to pay this new rate over the next two years.
Taxpayers who already pay assets
Taxpayers who already pay the wealth tax will be able to deduct the solidarity tax on large fortunes. The Government thus avoids double taxation. This affects the assets of Catalonia, the Valencian Community, the Basque Country, Aragon and the rest of the autonomous communities that do not discount the transferred tax.
Income tax on capital income of more than €200,000
If a taxpayer receives a capital income of more than 200,000 euros, the personal income tax will be increased by 3%, up to 27%. If that income is greater than 300,000 euros, the surcharge is 4 points, up to 28%.
Income tax for high income from work
There are no changes that affect the highest labor income.
Corporate tax for SMEs
The Treasury has decided to lower the nominal rate from 25 to 23% for small and medium-sized companies that invoice less than 1,000,000 euros. It will be a fiscal relief for less than 400,000 companies that have to deal with inflation. It is another of the measures to which the Government gives maximum importance.
Partnerships for large companies
The Government limits to 50% the possibility of compensating the losses of subsidiaries in consolidated groups. This measure, which will affect 3,609 large companies, seeks to stop the so-called "fiscal engineering", according to the Executive, that these companies practice.
Tax on feminine hygiene products
The coalition Executive has also reached an agreement today to end the so-called pink tax and that feminine hygiene products, non-medicinal contraceptives and condoms will have a 4% VAT.
Other tax rebates
To this emergency package must be added the fiscal measures already approved and in force, such as the reduction of VAT on electricity and other taxes on electricity, the reduction of VAT on natural gas, firewood and pellets, the reduction of VAT on the masks at 4% or the zero rate on the importation of sanitary material, without forgetting the levy on banks and energy companies, which is being processed in Congress, and taxes on financial transactions and digital services.
