The Finance Commission of the Congress of Deputies approved this Monday an increase of two percentage points in personal income tax for savings income exceeding 300,000 euros, from 28% to 30%. However, it has overturned the maintenance of the banking tax with the abstention of ERC, Bildu and BNG.
The commission, in which amendments have been negotiated and exchanged until the last minute, has also approved lower corporate tax to cooperatives and companies that invoice less than one million euros and an improvement in the taxation of artistic activities. It has also approved a Social Security contribution bonus for non-profit sports clubs and associations.
The maintenance of the banking tax has been in the air until the last moment – an alternative text has been registered, agreed upon by PSOE, Sumar and Junts, which included an additional section– and there has even been a tie in votes (due to the abstention of ERC, EH Bildu and BNG), although finally the text has fallen due to the weighted vote.
These initiatives are incorporated into the bill that establishes a minimum corporate tax rate of 15% for multinationals, which is still pending a vote in the Finance Commission, like the rest of the Government’s fiscal package and the amendments presented by the rest of the groups, among them those that ask maintain the energy tax.
The debate in the commission has taken place in an atmosphere of strong tension and confusion, with breaks, long technical discussions and signs of confusion on the part of all parliamentary groups about what was being voted on. Rejected amendments may remain alive – and therefore be debated and voted on again– in the plenary session that will be held next Thursday.
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