The Basque institutions will, among other things, apply a 4% deflation in all parts of the personal income tax rate to mitigate the effects of inflation.
Euskaraz irakurri: Inflazioari aurre egiteko Jaurlaritzak and aldundiek iragarri dituzten neurriak
The Basque government and the three Provincial Councils today agreed on a battery of fiscal measures to cope with the “strong impact that the pandemic and the war in Ukraine are having on the Basque economy”, as well as the “long-term consequences” that are expected.
The measures were presented this morning in a joint appearance of the lehendakari Iñigo Urkullu and the three general deputiesRamiro González, Unai Rementeria and Markel Olano, which are the following:
1- Deflate all sections of the IRPF rate by 4%. This measure will apply from the year 2022. The amounts of the reduction for joint taxation, reduction of the quota and also the deductions are updated in the same percentage of 4%. This deflation is added to the 1.5% deflation applied at the beginning of the year, so that the total figure will be 5.5%.
two- Adjustment of the withholding table applicable to earned income from September. In this way, the rate deflation will start from that month. Deflating means that all individuals and families have more money in their pockets.
3- Reduction of the compensation to 200 euros for returns with a General Tax Basis of up to 35,000 euros. The reduction of the quota of 200 euros can be applied to returns with a general taxable base of up to 30,000 euros. Between 30,000 and 35,000 euros, this amount of 200 euros is gradually reduced.
4- State aid exemption of 200 euros received on the occasion of Royal Decree Law 11/2022.
5- Exemption from submitting installments for the third and fourth quarters of 2022 for the autonomous people.
6- Exemption from the presentation of the installment payment for the companies with an operating volume of less than 50 million, as long as they are not included in a fiscal consolidation group.
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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.
