Investing in Treasury bills may turn out to be less profitable than expected if it is not taken into account that the profits achieved through this type of investment must be declared to the Treasury. The last auction held this Tuesday closed with a marginal interest of more than 3%, a threshold that had not been exceeded since 2012.
Thus, as indicated by TaxDown tax expert Aitor Fernández, if bills worth 3,000 euros for 6 months have been purchased, the benefit obtained (98.85 euros) will be charged in full when the term expires, "but When the declaration has to be presented, there is a part that will remain in the Treasury”. Treasury bills and bonds are taxed on the tax base of savings, in which rates of 19% to 28% are applied depending on the tranche. In fact, one of the great fiscal innovations this year is that the rate applicable to the highest tranche rises by two points, which was previously 26%.
The part that would be taxed would be the benefit obtained from the investment in bills or bonds, that is, the difference between the purchase amount and the sale amount. However, from Taxdown they warn that there is a tax difference between these two types of products. Thus, while bills (with a term of between 3 and 12 months) are not subject to withholding at the time of redemption, State bonds (with a term of between 2 and 5 years) are.
Another aspect to take into account is that if bills and bonds have been acquired this year, they will be taxed on the income yield for the year in which they expired. "To include it in the 2022 Income statement -to be carried out this year 2023- the sale or expiration of the Bill must have occurred last year," they clarify from TaxDown.
When the declaration is prepared, the returns obtained from the investment in this product must be entered in box 30, corresponding to the returns from the transmission or amortization of Treasury Bills. The amortizations of Treasury Bonds and State Obligations, as well as issues of public debt with longer terms, must be included in the following boxes.
