The Government tries to mitigate the increase in public spending with tax increases that have a strong impact on individuals and investors and raise the pressure on savings income
The tax menu of the Executive of Pedro Sánchez includes not only increases of the income tax of two points for income of more than 130,000 euros and four for those above 300,000 euros, but among other initiatives includes an increase in the tax rate for taxpayers with the ability to invest in stock or savings products, along with the elimination of tax relief of contributions to pension plans. In this scenario of fiscal revolution, investors would be affected by the introduction of the rate on financial transactions (called the Tobin tax), which will tax with 0.2% the purchase operations of shares of listed companies executed through operators. of the financial sector. The companies subject to taxation will be those that have a market value of more than 1,000 million euros. SMEs, debt, exits to the stock market, derivatives or bonds convertible into shares would be left out.
Sanchez's roadmap also includes modifying the operation and taxation of some investment vehicles. One example is their refusal to have the listed funds (ETFs) tax like the rest of the investment funds and continue to function as shares, meaning that the clients pay the Treasury every time they sell. In this scenario, changes are foreseen in the regulation of the Investment Companies of Variable Capital (Sicavs), as well as of the Public Limited Companies of Investment in the Real Estate Market (Socimis). Specifically, the Executive could introduce variations in the minimum number of shareholders and in the taxation of the Sicavs, which would be controlled by the Ministry of Finance. The plan is to set a maximum participation so that no shareholder can have a majority that allows him to manage the investments, a reality that could discourage the big savers. In this type of products there are more than 30,700 million euros invested in Spain. On the other hand, it is on the table to modify the tax requirements of the Socimis, whose main activity is the rental and sale of real estate, which is currentlyare obliged to pay in dividends 80% of your benefits and to pay a tax with a tax rate between 19% and 21% about these gains. Unit Linked life insurance is not left out of the fiscal revolution and will be taxed in the Wealth Tax. Until now, they were declared in this section by the policyholders, provided that when they were signed, a salvage value was not stipulated. Sánchez's variation occurs at a time when these products are again interesting within a context of low interest rates. In addition, the sale of Unit Linked has been considered a possible outlet for the insurance sector and many companies are promoting their commercialization since the policyholder assumes a certain part of the risk in order to improve their profitability.
The tax on insurance premiums is also in the chamber, that now taxes with 6%, percentage that could rise to 9% when the risk is located in Spain. It would affect the insurance of car, home, legal defense or civil liability and would be exempt those of health care, illness, credit and surety, pension and pensions, agricultural, life without supplementary guarantees, international transport and reinsurance.
The changes prepared by the government.
1. INCOME FROM IRPF
The Government wants to raise the IRPF by two points for incomes of more than 130,000 euros and four for those of more than 300,000 euros. It is also on the table to increase the tax burden of taxpayers who invest in the stock market and tax pension plans more.
2. TOBIN RATE
Rate on financial transactions, which would be taxed at 0.2% on transactions involving the purchase of listed shares executed through agents of the financial sector. They would only affect companies that have a value in bag of more than 1,000 million euros.
3. INSURANCE 'UNIT LINKED'
These products will be taxed on the Wealth Tax, which will affect many investors, since insurers have promoted the commercialization of these life insurance because the policyholder assumes a certain part of the risk to improve your returns.