"We can not aspire to a welfare state first with a third income," argued on Monday the Minister of Finance, María Jesús Huntsman, after delivering a copy of the draft General Budgets from the State to the president of the Congress, Ana Shepherd. The objective of the Executive, said the minister, is to progressively raise the tax pressure Spanish, currently at 34.5%, to bring it closer to the 41.4% that prevails on average in the EU. As a first step, he announced, the tax reform included in his 2019 accounts will increase the tax effort by one point, up to 35.5%, at the expense of raising the tax on large companies and higher incomes. One step, he stressed, that occurs "without raising taxes to the middle classes, workers, the self-employed or SMEs."
The Treasury anticipates that the collection tributary of 2019 to increase in 20,000 million of euros, 9.5% compared to the close of 2018, to 227,356 million. The difference would be 7.3% without taking into account the effect of the new automatic information system (SII) of the VAT, which has been delaying one month the liquidation of the tax. In fact, this effect will provide an additional 5,000 million to the State this year, half of which will compensate the communities for the lost revenues in 2017 and the rest will be used by the Government to compensate for the late entry into force, at the best of the cases, of their new tributary figures. To prevent this from happening, the Ministry will close 10 days before the VAT settlement of December this year to compute it in the same fiscal year.
In any case, this ambitious increase in revenue will only get 5,654 million of the tax modifications planned by the Executive, while the Treasury trusts to achieve the rest thanks to the good tone of the economy.
Despite this, Montero said that he doubted his forecasts that his estimates are "more moderate" than those of his predecessor, Cristóbal Montoro, whose accounts deviated an average of 5.1 billion, he said. "Montoro raised its income forecast by 7% by lowering taxes, we modified them and created new taxes. The Budget is more credible than in previous years, "he said.
The minister also stressed that her fiscal policy is aimed at "redistributing wealth" and focuses on a privileged few. First, a minimum rate of 15% is established in Companies for the big Business (to bring what they pay to 25% of the nominal rate on which deductions apply), and 18% for banking and oil (starting at 30%), in order to raise 1,776 million. The measure, he illustrated, will only affect 10,092 companies, 0.7% of the total, and will help raise the collection of this tax by 14.1% to 27,579 million.
In parallel, the rate for the 349,000 will be reduced from 25% to 23%. SMEs that invoice less than one million, a quarter the total.
In turn, the marginal rate of the IRPF for incomes over 130,000 euros, and four points for those over 300,000, which will result in 328 million additional revenue at the cost of only 80,000 taxpayers (0.4% of the total). In addition, the tax of the savings income over 140,000 euros to obtain 332 million from 20,792 taxpayers (0.1%) by 2020. On the other hand, 15.3% of the fiscal benefits on income due to improvements in the reduction of labor income and family deductions approved in 2018. The Treasury seeks to collect a 4.9% more by IRPF, up to 86,454 million.
The assessment of Heritage it increases by one point for fortunes of more than 10 million euros, which today stands at 2.5%. It seeks to attract 339 million of 2,550 people.
On the side of VAT 10% to 4% is lowered the rate on the feminine hygiene products (not collecting 18 million); it goes from 21% to 4% in the tax on books and electronic publications (-24 million) and the tax on services is reduced from 21% to 10% veterinarians (-35 millions). Even so, VAT should enter 11.7% more in 2019, 78.307 million.
Finally, the taxation of the diesel petrol (an environmental measure that would attract 670 million and will not affect the transportation professionals) and the undistributed profits of the Socimis.
In addition, the Council of Ministers will push on Friday the bills of creation of the tax on the financial transactions (to collect 850 million); the one business digital (1.2 billion) and a package of measures anti fraud (for 828 million).
The taxes special they would rise by 11.8%, to shed 23,057 million, and the rest by 16.4%, to 11,959 million.
From there, in favor of this progressive increase in the fiscal pressure towards the confluence with Europe, Montero opened the door to raise the tax on companies and banks in 2020 once the results harvested in 2019 have been analyzed.
42% less The forecast of tax revenue that collects the so-called yellow book, in which the General Budgets of 2019 are detailed, points to an expected increase in the collection of virtually all taxes. With a resounding exception, revenue from environmental taxation will fall by 43%, from 1,755 to 1,000 million euros. Hacienda attributes it to the effect of having suspended in the autumn the 7% tax on electricity generation, which amounts to some 1,700 million a year. The future of this tribute, exposed from this department, depends on the analysis that the Ministry of Ecological Transition is doing.