August 5, 2020

The Government approves the digital tax and financial transactions – The Province


TheMinister councilhas approved this FridayDraft law on digital tax and financial transactionsand another in the fight againstfiscal fraudwhich transposes the anti-circumvention Directive.

At the end of the meeting of the Council of Ministers, the Minister of Finance, Maria Jesus Montero, stressed that last Monday the Government presented the budget plan and this Friday, only four days later, begins to meet the commitments that were acquired in that document and demonstrate the will of the Executive to move forward along the path that has been marked.

The newTax on Certain Digital ServicesIt will tax those companies with total annual revenues of at least 750 million euros and with revenues in Spain of more than 3 million euros. The new tributewill tax 3% of online advertising services, online brokerage services and the sale of data generated from information provided by the user. The Government expects to collect 1,200 million euros with this tax.

For its part, the Tax on Financial Transactions consists of taxing with a0.2% purchases of Spanish sharesexecuted by operators in the financial sector.

Only shares issued in Spain by listed companies whose market capitalization exceeds 1,000 million euros will be subject to taxation of 0.2%.The purchase of shares of SMEs and unlisted companies will not be taxed.

The debt, both public and private, and derivatives are outside the scope of the Tax. It is a measure proposed and promoted by 10 EU countries. The Government calculates that it will enter about 850 million for this new tax figure.

Likewise, the Council of Ministers has given its approval to a draft bill withmeasures to fight against tax fraud. The Government has announced thelimitation of cash payments to 1,000 euros between professionals, the reinforcement of the list of defaulters with the jointly responsible and the appearance of debtors from 600,000 euros (now it is one million) and the adoption of international measures to combat fraud. With all these measures,plans to raise an extra 500 million euros.

The rest of the fiscal measures announced by the Government for 2019 will be included in the draft Law onState's general budgets, given that they are tax increases or modifications that already exist, so it is not necessary to approve specific normative texts.

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