March 6, 2021

Hacienda presents the basic lines of its ministry – The Province

Hacienda presents the basic lines of its ministry - The Province


TheMinister of Finance, María Jesús Montero, will appear this Thursday in the Senate to present thebasic lines and the objectives of your Ministry, at a time when it is immersed in the negotiation of the General State Budget (PGE) of 2019 with Unidos Podemos and in the design of fiscal measures.

Specifically, Montero will appear at 11.00 in the morning before the Finance Committee at his own request and several groups of the Upper House, such as the Popular Group, Unidos Podemos-En Comú Podem-En Tide, ERC, CiU, Cs or Asturias Forum.

Montero will detail the lines of action of his department at a time whenIt remains to be seen if the deficit path of the socialist government finally comes to lightor, on the contrary, the team of Pedro Sánchez has to work with the former Executive of Mariano Rajoy.

The Congress rejected in July the objectives of deficit and public debt for 2019-2021 proposed by the Government with the votes against the PP, Citizens, UPN, Bildu, Asturias Forum and Canary Coalition, and the abstentions of Unidos Podemos, Compromis, ERC and PDeCAT, in front of the votes in favor of the PSOE and PNV.

Subsequently the Congress Tablerejected the 'express' reform proposed by the Governmentto end the Senate veto on the path of deficit. If finally the fiscal goal proposed by the Executive does not prosper, it would return to the previous path.

In that case, thedeficit targets for the CCAA would be determined again by the previous path of the PP Government, about 6,000 million euros more restrictive. The path of deficit proposed by the Government of Pedro Sánchez contemplates a relaxation of the goals until 2.7% for this year, against 2.2% of the previous objective, to 1.8% in 2019 (five tenths more) and to 0.4% in 2021 (compared to the previous surplus).

In any case, Montero has insisted on repeated occasions that the Government will present at the end of November theBudgets for 2019, and that in mid-October the budget project will be sent to Brussels, which the Treasury is preparing in two different ways, depending on whether the processing of the new deficit path is finally advanced in Congress or, on the contrary, as everything points , this path can not be incorporated.

Fiscal measures

In addition, Montero is expected to report on thepackage of fiscal measures that the Executive completes. During his appearance in mid-July in Congress, Montero advanced that the Government would approve "as soon as possible" a package of fiscal measures that will include "imminent" the reform of the Taxes of Companies, to fix a minimum rate of 15% to from which deductions can not be applied to large corporations and without affecting small and medium enterprises.

Subsequently he has also reported thatbanks and companies that are engaged in the exploration of hydrocarbon deposits will pay a minimum rate of 18%in the Corporate Tax, compared to the 15% that will be levied on the rest of the large companies.

Currently the banks and the oil companies aretaxed with an increased rate of 30% on this tax, compared to the 25% paid by the other entities, so they will also have a higher rate in the reform that the Government is negotiating with Unidos Podemos.

Other measures that the Government negotiates with Podemos are the limitation of the exemption that is applied to the dividends of companies by their subsidiaries abroad, so that companies would pay more for the benefits they obtain from abroad, although the initiative It is not closed at all.

With respect todiesel taxthat the Government is designing and that will enter the 2019 Budgets, the minister specified thatit will cost 3.3 eurosper month for the average consumer, that is, the one who makes 15,000 kilometers per year, excluding professionals who use transport as a means of work, including transporters and taxi drivers.

Likewise, it will approve a law for thecreation of a tax aimed at certain digital services, so that the great technology companies pay for the income they receive by online advertising, intermediary activities of digital platforms that facilitate the sale of goods and services or sales activities that are generated with information provided by the user.

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