EITB Data wanted to know the tax system of the Basque administrations. Of every 10 euros in taxes, 7 come from VAT and personal income tax.
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The tax system of a business consists of the taxes, fees and contributions paid, each for a different reason. EITB Data wanted to learn more about this system, which is shared between the Basque and Spanish administrations.
The income from work, the wealth of each citizen and other elements such as administrative procedures are taxed. These can be direct or indirect.
The direct taxes taxes the income of individuals and businesses. It’s the case of personal income tax that we pay annually for labor income; he Corporation taxwhich is applied to company performance, and the tax on economic activitieswho is paid for performing professional activities.
Direct taxes are also paid on property ownership (welfare tax) or send them to another person (inheritance tax and of donations). You must also take into account other local taxes, such as the IBIon real estate, or the capital gainson the increase in the value of urban land, which is collected by the municipalities.
Important: for these taxes The capacity of the taxpayer is taken into account. In other words, whoever earns the most on the payroll or who has more assets will pay more.
The Indirect taxes They are distinguished from the direct because not depend on each person’s wealth. They tax the purchase of a consumer good or service (VAT), owning a vehicle (IVTM) or create one administrative management How to renew the ID. Also be in this group special taxessuch as electricity or hydrocarbons, so prices such as the waste or water consortium.
Everyone pays the same taxes on the electricity bill or when shopping in a supermarket. That is the key to indirect taxation.
In addition to taxes, there are also the quotas on the salary, i.e. the Social Security contributionsused to fund unemployment benefits or pensions.
If all taxes collected were 100 euros
If we look at taxes, apart from the social security contribution, how much money are we contributing to each tax?
The highest revenue for the Treasury comes from VAT, the tax levied on the purchase of goods and services: 37 euros out of 100. For every thing we buy, we pay some tax. The most common is 21%, although there are heavily discounted basic products and there is also a 28% for luxury products.
Another large portion of all taxes (35 euros on every 100) correspond to personal income tax, that is, personal income tax. Most of this money comes from income from work and professional activities, although the IRPF also includes income from real estate capital such as rent collection.
8 euros of every 100 are special taxes (taxes on alcohol, electricity or hydrocarbons), and others 8 euros They equate to city taxes, which help bring water to our homes or preserve those of our cities.
Only 6 euros are collected through corporate income tax, much less, 5 Euro out of 100, correspond to the taxes levied in case of an inheritance or on the property that is owned.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
