July 25, 2021

Treasury plans to implement two new sections of IRPF from 140,000 and 300,000 euros | My money

Treasury plans to implement two new sections of IRPF from 140,000 and 300,000 euros | My money



The Ministry of Finance is already working on the fine print of the fiscal agreement that ends with Unidos Podemos and that has as a star measure a rise in Income tax for high income. The minister of the branch, María Jesús Huntsman, revealed yesterday in an interview to Antenna 3 that the idea they are considering is to create two new sections for rents above 140,000 euros per year. In particular, according to sources of the negotiation, the government's approach is to make progress rise of up to four points of the marginal type of IRPF, establishing a new section from the 140,000 euros and another one from the 300,000 euros.

This scheme is the response of the Treasury to the proposal of We can, which claimed to create three new sections: one for income from 120,000 to 150,000 euros, raising its tax three points to 48%; another, for those from 150,000 to 300,000 euros, at 50%; and a third, for income over 300,000 euros, taxed at 52%.

Currently, after the last fiscal reform of Cristobal Montoro, there are five sections of IRPF. The highest is placed from the 60,000 euros. A general assessment of the Four. Five% although the figure varies depending on the autonomous community, reaching up to 48% in regions such as Andalusia or Catalonia. With the hike that shuffles the Executive, the high rents would pass to pay a 49% general, although the average number in Spain would be around 50% and the Andalusians and Catalans would pay a 52% for incomes exceeding 300,000 euros.

This approach would reduce the collection power of the initiative that the PSOE raised in the opposition, when betting to suddenly raise the four points for income of more than 150,000 euros in order to raise some 400 million additional by IRPF. Raising the bar from which the maximum marginal rate will be applied softens the reform by reducing the pressure on the small group to which it is directed, since only 91,000 people they receive more than 150,000 euros of annual income in Spain. The Government, in any case, will also tax more savings income for those who earn more than 140,000 euros, which will rise by more than an additional billion the recaudation.

A maximum marginal rate of 52% would, however, be one of the highest in the EU and the introduction of new stretches would equate Spain with richer neighboring countries. He definitive threshold of the new sections is, in any case, subject to negotiation that keeps Hacienda open with Podemos.

Montero also anticipated that it seeks to return the supervision of the variable capital investment companies, the sicav, to Agency Tax. The idea is to reverse the rule promoted by the Executive of José Luis Rodríguez Zapatero in 2005, when he placed these firms under the microscope of the National Securities Market Commission (CNMV). The underlying objective, stressed Montero, is to increase controls so that these societies have a productive purpose, and do not serve to hide assets or income to the Treasury, taking advantage of its low taxation, to a guy from 1% about its capital gains.

Montero also announced that it will compensate diesel tax hike with a Scrappage scheme in 2020, so that low incomes renew old vehicles.

The new digital tax

Hours later, Montero revealed yesterday to Senate that the new tribute on technological firms and digital businesses where the Government works will focus on the online transport and accommodation platforms. He alluded to companies like Airbnb, which allows individuals to rent a house or a room temporarily, or to firms such as Uber, which competes with the taxi sector.

The new rate will charge 3% each operation on the sale of data, the income advertising and the transactions commercial between these companies and individuals, when companies invoice more than 750 million around the world and also achieve three million in Spain with the activities subject to the tax.

Further on, the minister clarified that her tax reform involves raising taxes on high incomes, lowering the VAT of the products of feminine hygiene from 10% to 4%, impose a tax on financial transactions, or boost a taxation green. Montero also stressed that will lower the type from Companies from 25% to 23% for the SMEs and will establish a kind minimum of the 15% (18% for banking and oil companies) to prevent small companies from paying more than large companies. In addition, he defended that they go to pay tribute in Spain 5% of dividends from foreign subsidiaries of Spanish companies, today exempt by the double taxation agreements.

Advance "with or without Budgets"

Elections in 2020 The Minister of Finance, María Jesús Montero, asserted yesterday in Antenna 3 that the Government is working to approve the new fiscal path and to promote more social Budgets, so that families notice the economic recovery, but it advanced that, although it is not possible to take forward some new public accounts, it currently discards an electoral advance that anticipates the 2020 elections to coincide with the Andalusians this year or the regional and European next May. "With or without Budgets we will try to promote political initiatives that allow universal health, a scholarship system, reward talent, boost dependence" or strengthen Social Security, he said, although he defended a rise in pensions linked to the IPC, stating that the tax package you prepare will balance your increase. The IMF warned a day before linking pensions to inflation, on its own, would put the system at risk. "The problem of this country is not excessive public spending," then defended Montero in a rough encounter with the senators of the PP. "The problem of this country is an income problem," he said.

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