The Spanish government wants to apply a new temporary tax on large fortunes

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The intention of the Minister of Finance, María Jesús Montero, is to apply it on January 1, 2023 if possible, and it will only affect “millionaires”, less than 1% of the population.

The Minister of Finance, Mary Jesus Monteroannounced this Thursday that he is working on a new temporary tax on large fortunes, which would come into effect in 2023 and would affect only “millionaires”.

This proposal, which the Treasury has been working on for “weeks”, has come to light at a time when the wealth tax has gained in importance after the Andalusian government decided to abolish it on its territory, as Madrid is already doing, and that of Murcia. has announced that it will investigate this possibility.

The proposal has come into conflict with the Frontal opposition of PP, Ciudadanos and Voxbut it has been well received by the parliamentary partners of the Spanish government.

Montero has justified the study of this new tax on the need for high-income earners to contribute more to fund measures to mitigate the effects of inflation, in line with taxes for banking and energy.

In fact, the tax for large fortunes will be based on “a similar arrangement” to that of these two taxes, in that it will be temporary, possibly valid for two years, although will depend on the duration of the war in Ukraine.

The Minister’s intention is to apply it “as soon as possible”, if possible the January 1, 2023and will only affect “millionaires”, a threshold that is not detailed, but will in any case be below 1% of the population.

The Labor Vice President Yolanda Diazhas framed the study of this tax in the budget negotiations between the government partners and has defended that the proposal is part of United We Can.

As for what form the tax will take, Montero has limited himself to commenting that he is exploring “various alternatives”, without clarifying whether it will be a new tax — which would require its own law — or an amendment to an existing one. one, such as that of assets or income tax – in which case it could be approved in another law, such as budgets-.

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Source: EITB

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