Fri. Feb 28th, 2020

The Government will soon approve the Google and Tobin rates despite their harmful effects on consumers



The Minister of Finance says they will succeed “in the next Councils of Ministers.” Its objective is to raise about 2,000 million annually with both measures

Government He is in a hurry to approve the levies on banking and digital services, known as “Google rate ”and“ Tobin rate ”. The Minister of Finance and Government spokesperson, María Jesús Montero, has assured this Wednesday that both taxes “They are ready” and will be approved “in the next Councils” of Ministers. Asked in the halls of the Congress of Deputies about the processing of these bills that the Executive contemplates to approve, the head of the Treasury has affirmed that both laws have already completed their public hearing phase and “have passed the entire procedure”, at Like the new law against tax fraud. Montero, who has come to the lower house to attend the first session of control to the Government of the legislature, has declined that yes, determine a fixed date: “I do not know, because the planning is dynamic,” he replied.

Given that the possible approval of the General State Budgets seems to go for a long time, the approval of both rates would allow the Government to generate hypothetical additional income with which to face extra expenses such as the increase in pensions or the salary increase of officials.

The customer, the injured

The Government of Pedro Sánchez has already presented these two taxes before the Cortes before being put on duty by the early call for elections, but both bills declined due to the dissolution of the Chambers. The “Google rate” It is aimed at large companies such as Amazon or Google tax in those countries where they have activity. The Government of Pedro Sánchez estimates that the new tax could report to the public coffers about 1.2 billion euros. However, the digital sector has already warned that it would have very harmful effects for its activity. A PwC report commissioned by Ametic and Adigital believes that it could have a negative impact that could be around 700 million euros for the national GDP. In addition, he warns that, Ultimately, consumers will pay for it, as companies will transfer their costs to the price of their products. The rate can also open a major crisis in relations against the US. The Donald Trump administration has already rebelled against the plans of countries such as France to impose similar rates and has counterbalanced with the imposition of tariffs. The measure has led the French Government of Emmanuel Macron to have to enter into negotiations with the United States. The North American country has reluctantly agreed to negotiate the elaboration of a global rate within the OECD, which should have a proposal before the end of the year on the table. The EU also tried unsuccessfully to agree on the tax. Despite the warnings made by Washington, the Sanchez Government already warned months ago that it would impose the measure alone if an agreement was not reached within the EU or the OECD.

The financial transaction tax, known as “Tobin rate”, it is already in force in France and in Germany it will be in 2021. This rate tries to tax the purchase operations of Spanish shares with 0.2% executed by operators of the financial sector, regardless of the residence of the persons or entities involved in the operation, or the place where they are negotiated. Government calculations point to a collection of about 850 million euros. But, as in the case of the “Google rate”, Customers are the ones who are exposed to the most affected. A report of French Court of Auditors says that this has been the case in the French country, where this tax is in force since 2012.

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