The Ministry of Finance has decided to delay the dates for the presentation of the settlements of the new taxes on financial transactions and digital services, known as “Tobin” and “Google” rates, which come into effect this Saturday, January 16, as indicated sources in this department.
The delay in the dates, advanced by “Expansion”, is due, according to the same sources, to the need to extend the period of implementation of these new tax figures and to facilitate taxpayers compliance with the new tax obligations, something that It does not affect its entry into force or the expected income, which the Treasury figures at about 1,800 million for both taxes.
Likewise, it is necessary to have before the publication of the regulations of both taxes, which the Ministry of Finance hopes to approve soon.
Specifically, the settlement of the financial transaction tax or “Tobin tax”, which will be monthly, was scheduled to begin on February 22 on the activities of January and so on until the end of the year, around the 20th of each month.
From April to July; February to April
However, the Treasury has delayed the first settlements and now the new deadline has been set between April 10 and 20 for the activities of January, February and March, that is, the settlement for the first three months is grouped. From there, the settlement will be monthly and must be submitted between the 10th and 20th of each month with respect to the immediately preceding month.
Something similar has happened with the new tax on certain digital services, known as the “Google rate”, whose first presentation was to be made on April 30 with respect to the activities of the first quarter, since in this case the settlement is quarterly.
Now, with the new calendar foreseen by the Treasury, the first presentation of the tax will be made in July with respect to the business generated in the first semester, in such a way that the first two quarters are grouped. Afterwards, the settlement will be done on a quarterly basis.
Both taxes, which come into force this Saturday, January 16, will contribute to the public coffers, according to government estimates, about 1,800 million euros.
Specifically, with the “Tobin tax” the Government plans to collect 850 million euros per year, by tax with 0.2% the acquisition of shares issued in Spain of listed companies whose market capitalization is greater than 1,000 million euros. The purchase of shares of SMEs and unlisted companies will not be taxed.
For its part, the «Google rate » will tax those companies with total annual income of at least 750 million euros and with income in Spain exceeding 3 million euros, targeting online advertising services, online intermediation services and the sale of data generated from of information provided by the user during their activity or the sale of metadata.
Although the Treasury had planned an initial collection of about 1,200 million euros (before the pandemic), it later lowered it to 968 million.
Waiting for the G-20
Regarding the “Google rate”, the Government ensures that the rule will be “transitory” until a global or European regulation is approved within the framework of the OECD or the G20, something that has not yet been achieved.
In addition, the processing of this new tax has occurred amid threats from the United States to Spain, France, the United Kingdom and Italy about retaliation with new tariffs on these digital taxes, even setting tariffs on France, which suspended the application of the tribute for the sake of negotiating an international figure, but which has already announced that it is going to re-establish itself in the absence of an agreement.
The president of the European Commission, Ursula von der Leyen, recently assured that no effort is spared to reach an agreement on the Google rate in the framework of the OECD or the G20, but clarified that if an international agreement is not reached this year, the EU will approve its own proposal in early 2021.