The Ministry of Finance has advanced to 2022 the entry into force of the ‘solidarity’ tax for large fortunes, with which the Government hopes to raise 3,000 million in two years, sources from the Department led by María Jesús Montero have confirmed to Europa Press. Until now, the Government had ensured that the tax would come into force in 2023 and would extend until 2024.

With this change, the new tax will be in force during the years 2022 and 2023 so that the collection takes effect in 2023 and 2024, coinciding with the liquidation of said tax. After these two years, the Government will evaluate whether to maintain it or not.

The Independent Authority for Fiscal Responsibility (AIReF) warned yesterday that the tax would have to come into force this year, given that the budget plan sent by the Government to Brussels a few weeks ago states that the collection of this new tax will already have in 2023. Specifically, AIReF forecasts a collection for next year of 1,270 million euros and 1,370 million for 2024.

The intention of the Treasury is to approve, therefore, the new tax on large fortunes before December 31 of this year so that it can come into force in 2022, and one of the options that it is considering is to introduce it as an amendment to the bill that Congress is currently processing to tax extraordinary income to energy companies and financial entities.

The new tax on large fortunes will tax net wealth over three million euros, with three brackets: 1.7 % on assets between 3 and 5 million; 2.1 % to assets of between 5 and 10 million, and 3.5 % from 10 million.

With this new tax, which will allow deducting 100 % of what is paid for the Wealth Tax managed by the Autonomous Communities, the Government expects to collect 3,000 million euros in 2023 and 2024. However, AIReF estimates that the collection will be somewhat lower, about 1.27 billion in 2023 and 1.37 billion in 2024.

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: dpa

La entrada Spain advances entry into force of the tax on large fortunes apareció primero en Bitfinance.

The European Commission presented an EU budget plan for 2022 amounting to 167.8 billion euros, 2.2 % more than this year, and will be complemented by some 143.5 billion euros in non-reimbursable transfers from the fund of postCovid recovery.

The budget, to be agreed before the end of the year between the Member States and the European Parliament, is the first in the EU’s new seven-year budget cycle that will run until 2027. It is also the first to run in parallel with the execution of the anti-crisis plan of 807,000 million euros.

The largest item will be reserved for the Common Agricultural Policy (CAP), which will have an endowment next year of 53,000 million euros. While the Cohesion Policy for regional development will have 36,500 million euros next year, to which will be added some 10,800 million under the REACT-EU program, the instrument of the recovery fund for European regions.

Another important item will be the 14,800 million destined to support the partner countries and neighbors of the bloc, of which 1,600 million will be destined to humanitarian aid. Another 5.5 billion euros will be used for “strategic European investments”. The environment and climate action will have 1.9 billion euros and a similar amount will be allocated to the accession policy of candidate countries or potential candidates.

Fuente: dpa

La entrada Brussels proposes to increase the EU budget by 2.2% for 22 apareció primero en Bitfinance.