The Government includes within the Recovery Plan sent to Brussels a long menu of fiscal ideas to raise taxes, eliminate tax benefits and increase collection. Although it indicates that we will have to wait for what the group of experts for tax reform decides, it does highlight the need to harmonize the Wealth Tax, raise the diesel levy to match it with gasoline, set a minimum rate of 15% in Corporation Tax, eliminate tax benefits Y “check»Registration and circulation taxes. All this is included in “component 28: Adaptation of the tax system to the reality of the 21st century” of the 30 components sent to Brussels.
The Executive had already indicated its intention to harmonize regional taxes such as Successions or Heritage and now includes it within its plans sent to Brussels last Friday and published in detail today, after the 4-M elections in Madrid. «There is evidence of the need to apply in a more coordinated way the taxation on wealth between the different territories to guarantee a minimum and coordinated level of taxation, avoiding harmful tax competition between the autonomous communities», Picks up. Precisely, the Government of Madrid, which provides a 100% discount on the Heritage tax, opposes this measure and the socialist candidate, Ángel Gabilondo, promised in the campaign not to raise taxes. The Executive indicates that, in any case, “some of the reforms affect the Autonomous Financing System and the Financing System of local corporations, therefore an agreement will be reached with them».
The Executive also reels that “the information that is available on the assets of natural persons is insufficient, and the extent and veracity of it significantly worsens when assets are held indirectly through legal persons.”
More contributions and tax collection
The goal of the tax reform is to raise public revenues. “The objectives pursued with the reform of the Spanish tax system seek to bring Spain’s tax levels closer to the average of the neighboring countries,” the document reels, to recall that the gap with the average of the Eurozone countries It is 7.3 points of GDP, equivalent to 80,000 million euros more in income (39.2% in Spain in 2019, 46.5% in the countries of the common currency). The Government «appreciates a room to increase revenue “with more taxes in the field” digital and environmental“As well as” reducing or eliminating certain fiscal benefits».
But in addition to this, the Executive also promises a “gradual increase in the maximum contribution base of the system, accompanied by an adaptation of the maximum pension” before the end of 2022. It does so in component 30 of “long-term sustainability of the public pension system within the framework of the Toledo Pact ”, in which I would raise the prices to salaries above 49,000 euros, at the same time that
it would increase the maximum pension, which is 2,707 euros per month today. The Executive indicates that this reform would take place over a period of 30 years, so that “the evolution of the maximum bases is accommodated to a very gradual path and known in advance.”
More green taxes
In the first place, the Executive is committed to raising green taxation and opens the door to lower taxes on work, since “the increase in income derived from promoting environmental taxation in addition to helping to encourage more efficient behavior It can also serve to limit the weight of other taxes, such as those that fall on work, which has been a traditional recommendation from both the European Commission and the OECD ”. For all tax measures, yes, there is the analysis of the group of experts for the tax reform that will deliver its conclusions on February 28, 2022.
In any case, the Government carries out a detailed calendar of the figures and studies that it will carry out in green taxation. In the second quarter of this year, it will approve the bill to create the taxes on plastics and waste which was already included in the forecasts of the 2021 Budgets. In the third quarter will be when both figures come into force, collects the document sent to Brussels. Due to its late processing,
The Tax Authority has already warned that both taxes would collect only a quarter of what the Treasury expected in the budgets: 98 million and plastic tax (compared to the 491 estimated in the accounts) and 215 that of waste (which contrasts with the 861 predicted at the beginning).
Along with this, the Government states that «in the first quarter of 2022 the registration and circulation taxes will be analyzed and reviewed. ‘ In the second quarter of 2022, “the reform of the Tax on Fluorinated Greenhouse Gases»With the intention of« guaranteeing an effective control of these gases in accordance with a harmonized European regulation ».
More tributes to diesel
Diesel taxation will be discussed later. “In the fourth quarter of 2022 the tax on hydrocarbons will be reviewed,” he says. «Tax rates in the Tax on Hydrocarbons are higher for gasoline than for diesel“, Recalls the Government in the document sent to Brussels, adding that for the same engine technological level,”diesel pollution is not inferior to gasoline».
The Executive has already included an increase in the diesel tax in the 2021 Budget project, although the PNV eliminated it in exchange for its support for the accounts. In any event, the Executive «considers that the review of the currently existing discounts on some fuels employees in the automotive industry “so” in order to achieve more sustainable mobility, the figures that tax or could tax the use or disposal of vehicles or the use of roads, among others, should be analyzed. “In the fourth quarter of 2023 a review of other figures that affect sustainable mobility will be carried out, ”he says.
Eliminate tax benefits: 15th review
Along with this, the Executive will propose “a evaluation of fifteen tax benefits selected by the working group for their quantitative and qualitative importance that will be carried out throughout the period 2021 to 2023 “, at the rate of five tax benefits each year. In the words of the Government, “the reduction and elimination of tax benefits and special regimes of our tax system will imply not only an increase in collection, but also contribute to the existence of a simpler tax system, which, in turn, has Favorable effects on legal certainty, and on existing litigation and conflict ”.
Suppression of the tax benefit to pension plans
One of them is the tax reduction of contributions to pension plans, which the Government has already limited from 8,500 to 2,000 euros per year in 2021. This elimination of tax benefits to private pension plans will continue to be granted to employment plans of business. «The currently favorable taxation of individual plans will be displaced towards employment plans resulting from collective bargaining, ”explains component 30, without giving further details.
In addition, the Executive announces new fiscal nods to saving for the retirement of middle, low and young incomes and will limit the costs of managing employment plans to below 0.30% of managed assets. Thus, it announces the “design of a new tax incentive aimed at promoting this type of collective instrument, which will especially benefit low and middle income savings and incorporate young people more effectively.”
Minimum rate of 15% in Companies
With the intention of increasing the collection of Corporation Tax, the Government also indicates to Brussels that it will approve the minimum rate of 15% that it studied in the General State Budgets in 2021, although it was finally left out. «The medium-term objective is to recover the collection power of the tax, through its simplification and revision of exemptions and deductions, so that a minimum taxation of 15 percent is guaranteed by taxpayers ”, it includes. The US Secretary of the Treasury, Janet Yellen, bet on a similar figure a few weeks ago.
In addition, the Executive also wants to tax certain digital businesses more, for which Google has approved the rate, but can approve more measures. «Beyond the creation of an ad hoc tax, as a transitory measure, the appropriate modifications in the field of corporate taxation must be incorporated. All of this must be carried out in accordance with the agreements reached in the international context, and in particular in the European sphere, “it states. Also, in relation to “tax incentives” for R + D + i, the Executive indicates that “it will proceed to improve and optimize their management and procedure to make them more accessible and effective for SMEs and startups.”