PSOE and Sumar have agreed to convert the temporary tax on banks into a permanent tax, a new tax on luxury and to raise personal income tax by two points on capital income of more than 300,000 euros. The consensus between the parties of the coalition Government, prior to the Finance Commission this Monday, leaves the tax on energy companies pending to be negotiated, as elDiario.es has learned.
“Sumar and the PSOE have reached an agreement on the fiscal package for 2025 in order to improve the sufficiency of resources to continue expanding rights, social policies and finance the ecological and digital transition, and the set of challenges that our country must address. ”, begins the document of the agreement to which this newspaper has had access.
The first measure it includes is the establishment of “a minimum tax level of 15% on profits for multinationals and large companies, which is a historical demand of progressive forces and which will finally be achieved with the transposition into our legal system of the “Community directive originating from the agreements of Pillar Two of the OECD.”
So far, what was taken for granted. The rest of the changes in taxes are being much more complicated to reach consensus, both internally in the coalition government and among the investiture partners, whose votes will be necessary to carry out this tax reform this Thursday in the Plenary Session of the Congress of Deputies. .
Regarding companies, the document to which elDiario.es has had access incorporates the desire to “resolve the problems generated by Montoro’s failed tax reform and advance the collection of large companies and groups of companies, limiting their possibilities of deducting losses and repatriated dividends, or the possibilities of consolidation of business groups in Corporate Tax.”
bank tax
Among the agreed reforms, the fulfillment of one of the commitments reached by PSOE and Sumar in the formation of the Government stands out: converting the temporary tax on banking that was designed in 2022 into a permanent tax.
Finally, the two groups have agreed to “maintain the banking tax so that these entities, which only pay less than 3% of their profits in taxes and which are obtaining record profits, contribute fairly to the support of the society of which they “They get so many benefits just like the rest of the companies and citizens.” Previously, the PSOE had agreed on this measure with PNV and Junts, but under different terms than those demanded by Sumar. Its final form is still unknown.
More personal income tax on capital income and luxury tax
This Monday’s agreement continues with “a two-point increase in personal income tax taxation of capital income above 300,000 euros to continue advancing horizontal equity with labor income.” In addition, it includes the creation of “a new tax on luxury goods (private jets and yachts, luxury cars, etc.) to improve equity in the distribution of income and wealth.”
21% VAT on tourist apartments
It also addresses the serious problem of access to housing and “introduces a 21% VAT for tourist apartments in order to reduce their profitability and transform them into homes for permanent rental, alleviating the lack of habitual housing in stressed areas.”
Another measure of the text that elDiario.es has been able to consult is “to eliminate the special tax regime for SOCIMIs (Listed Joint Stock Investment Companies in the Real Estate Market), which only pay 1% corporate tax and which has not served to improve the housing supply.”
Another agreement is the elimination of “the exemption to private health insurance premiums, which has a clear regressive bias, fundamentally benefiting high-income individuals and families.”
Likewise, it is contemplated to “deploy the Artist Statute to once and for all comply with the special taxation required by the world of culture.” In addition, the PSOE-Sumar pact includes “improving the taxation of cooperatives to facilitate the growth and expansion of this cornerstone of the social economy and access to ownership of the means of production for workers.”
Finally, the aim is to “discourage the consumption of tobacco and vaping devices for the sake of public health by increasing their taxation, since they are harmful products that affect health and increase the public health bill.”
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