The Official State Gazette (BOE) published this Saturday morning the fiscal package approved on Thursday in Congress and which establishes a tax on banking commissions and interests, a new global minimum tax of 15% on multinational companies, a levy on vapers, as well as other taxes.
In a royal decree signed by the President of the Government, Pedro Sánchez, this tax reform approved in the Lower House with the votes of the Government, ERC, Junts, Podemos, Bildu and the Canarian Coalitionwill come into force on Sunday, one day after its publication in the BOE.
One of the most relevant aspects of this reform, of which a disbursement of 7.2 billion euros of European funds dependedis a reconfiguration of the banking tax that was created in a decree of measures for the war in Ukraine and that will expire on December 31. This will go from being a property benefit to a tax, which implies that the provincial treasuries and the autonomous communities will be able to manage it.
The tax will have a progressive rate on the interest and commission margins of each entity, which will be from 1% to 750 million3.5% up to 1,500 million, 4.8% up to 3,000 million, 6% up to 5,000 million and 7% from 5,000 million onwards.
Likewise, the collection obtained will be distributed to the autonomous communities of the common regime in the calendar year following the one in which the tax must be self-assessed, based on its Gross Domestic Product (GDP), a philosophy that follows the regional financing agreement that the socialists agreed with ERC in Catalonia.
The amount collected will be made available annually to the common regime autonomies through treasury operationswhose procedure will be determined by regulation, and will be carried out in the year following the tax collection year.
Fraud in hydrocarbons
The tax reform also includes measures to combat the operations of ‘missing traders’, companies that are dedicated to the intermediation of the fuel business and appropriate the VAT charged for the supply of hydrocarbons to gas stations. This situation makes it easier for them to sell these products below the market price, resulting in a loss of income for the Public Treasury.
On the other hand, it introduces a higher taxes on tobacco and to vapers, as well as a harmonized VAT at European level on short-term housing rentals and the extension of the obligation to issue and send electronic invoices to all commercial relationships between businessmen and professionals.
In addition, the PNV got amendments approved so that deductions for construction works energy efficiency improvement in personal income tax are approved by the competent institutions of the Basque Country, provided that the requirements are met and are understood to be framed in the Recovery Plan.
corporate tax
For its part, the bill contemplates measures to avoid the tax collection impact of a recent ruling by the Constitutional Court that declared the partial nullity of a reform of the Corporate Tax carried out by the former Minister of Finance of the PP, Cristóbal Montoro.
The current Ministry of Finance explains that the objective of this measure is limit deductions of large companies to bring the real rate paid by multinationals closer to the effective rate.
Without leaving the Corporate Tax, this has been reduced for companies with a turnover of less than one million euros so that the tax base comprised up to 50,000 euros will have a 17% tax and the rest of the tax base will have a rate of 20%. The reduction of the tax will be gradual until 2027.
In turn, The taxation of capital income exceeding 300,000 euros has been increased by two pointsgoing from 28% to 30%.
Permanent disability
An amendment by PSOE and Junts has also been approved so that people in cases of absolute permanent disability or severe disability don’t lose your pension if they access a job and finally cannot continue with it.
Added to this is a new provision, agreed between the Government and Junts, to subsidize hiring in non-professional non-profit sports entities. Another provision on income from artistic activities obtained in an exceptional manner has also been approved.
In turn, the reform includes a legal modification so that the funds in the Reserve for investments in the Canary Islands (RIC) can be applied, maintaining its tax regimeto the rehabilitation of protected housing that is intended for rental in favor of people registered in the Public Registry of Protected Housing Claimants of the Canary Islands.
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