New step in the fiscal battle between the Government and the communities governed by the PP. PSOE and United We Can have incorporated several changes in the bill where taxes on energy companies and banks are created. The main one has to do with the new tax on large fortunes, which is incorporated as an amendment, and which will tax net assets of more than 3 million euros. The objective, recognizes the Treasury, which is where these modifications have come from, is to "harmonize" the wealth tax in those territories where it is totally or partially subsidized.
The new rate, therefore, focuses on ending the "fiscal dumping" that the Government claims exists in Madrid, Andalusia and Galicia, the three governed by the PP. This is recognized by the norm promoted by the central Executive and that is designed to come into force on January 1. The objective of the same is "to reduce the differences in the assessment of assets in the autonomous communities, especially those that have totally or partially defiscalized" this rate, with respect to taxpayers from territories in which "it has not been chosen to reduce the taxation of said tax.
In other words, the future tax on large fortunes will only be in force in the autonomies presided over by Isabel Díaz Ayuso, Juanma Moreno and Alfonso Rueda, who have subsidized the wealth tax. In the rest of the communities where it is in force, the rate will be deductible to avoid double taxation.
The amendment of PSOE and UP practically copies the mechanism of operation of the wealth tax and includes a reduction of the exempt minimum of 700,000 euros. Taking this reference, and according to data from the Tax Agency for 2020, in Andalusia there would be 18,997 filers of the new tax on large fortunes. In Madrid the official figure (19,508 taxpayers) is distorted because the obligation to declare this transferred tax is from a gross equity of 2 million. In Catalonia there are 82,465 declaring assets, in the Valencian Community, 23,892 and in the Basque Country, 16,000.
The future tax on large fortunes will accrue on December 31, 2022 and the first installment will be paid in 2023. The expected validity period is two years, reviewable, and the estimated collection is 1,500 million.
Regarding the bank tax, PSOE and UP propose that it also be paid by "foreign credit institutions". That is, ING, Deutsche Bank or BNP Paribas will be included in the rate. It was a request from the ECB in its report last week and a recurring claim from the affected nationals.
The other important novelty affects the destination of the collection of the three taxes. It will be used to expand anti-inflation measures and help vulnerable households.
