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Relevant News Item 31st October 2024

Junts abolishes ‘tax hike’ on energy companies but allows it to remain for banks

The tax on energy companies, which the Government created due to the recent inflation crisis and wanted to make permanent, will expire on December 31. This comes after the period for submitting amendments to the bill aimed at achieving that permanence has concluded. The Treasury did not gain the support of Junts – crucial for advancing the initiative. The elimination of the tax on electricity companies will result in a…

Spanish economy 4th April 2024

Treasury expects to receive 12.2% more in income tax campaign now under way

Yesterday, Wednesday 3 April, the window for filing online personal income tax returns for 2023 opened. The campaign will run until 1 July and 23,281,000 returns are expected to be filed, 1.2% more than last year. Of these, almost 63% – 14.6 million, 3% less – are expected to be entitled to a refund, for an estimated amount of €11.65 billion. On the other hand, the Treasury estimates that more…

Spanish economy 11th January 2023

Tax burden in Spain (42%) reaches historic highs, according to IEE

The Instituto de Estudios Económicos (IEE) pointed out on Tuesday that the tax burden in Spain had reached historic highs in 2022, exceeding 42% of GDP and standing above the EU average (41.7%) for 2021 – the last year for which data are available. “The tax effort, i.e. the tax burden normalised according to income, is already 53% higher than the EU average”, warned the IEE President, Íñigo Fernández de…

World economy 20th October 2022

Spain, At The Bottom Of The OECD In Terms Of Tax Competitiveness

Spain is amongst the countries with the least competitive tax system in the OECD. This is according to the new edition of the tax competitiveness ranking prepared by the Tax Foundation, in which Spain appears in 34th place out of a total of 38. This position, which represents a loss of two places compared to the 2021 edition and eight compared to 2020, leaves Spain ahead of only Ireland, Portugal,…

Spanish economy 5th October 2022

The Treasury Wants More Revenue In 2023, Despite The Slowdown

Despite the economic slowdown, the Spanish Treasury wants to achieve another record collection in 2023. This follows the one that will certainly be achieved in the current year, in which the collection is 27 billion euros more than expected due to inflation. The Treasury wants to achieve this after leaving a large part of middle-income earners (above 21,000 euros a year) out of its tax cut, which does not include…

Spanish economy 30th September 2022

Fiscal Storm: The Mountain Gave Birth To A Mouse

Fernando González Urbaneja | The sequence of events is relevant to the outcome and has to do with the electoral confrontation. Behind and at the bottom of this debate or storm there is no doctrine or theory, there are no documents with well-founded proposals, it is just a matter of brushstrokes with ideological pretensions of little flight and quite a lot of trickery.The opposition party, with Núñez Feijóo at the…

Spanish economy 29th September 2022

Deceptive Tax Cuts

J.P. Marín-Arrese | The Socialist-run regional governments in Spain face dire prospects in the coming elections next year. High inflation, low growth and rising unemployment weigh heavy on voters’ sentiments against the left-wing coalition governing Spain. So they resort to promising tax cuts as the best recipe to cushion their dwindling support. The Valencia Chairman, Mr Puig, has announced a cut in personal income tax, mirroring the national Opposition leader’s…

Spanish economy 20th September 2022

Andalusia Joins Madrid In The Deflation Of Personal Income Tax And The Abolition Of Wealth Tax

The president of the Junta de Andalucía, Juanma Moreno, yesterday joined the trail blazed by the president of Madrid by announcing he will grant a 100% rebate on wealth tax. He will also deflate personal income tax, with effect from the 2022 tax return, which is the one that will have to be accounted for to the Treasury next year. According to calculations made by the Andalusian government, this tax…

Spanish economy 13th April 2022

Feijóo’s Tax Cuts In Times Of Inflation, A Credible Alternative

Luis Alcaide | In the wake of his meeting with Prime Minister Pedro Sánchez, the main opposition candidate Alberto Nuñez Feijóo, recently elected president of the Partido Popular, complained that he had not been heard on his proposals on taxation: a reduction in personal income tax for taxpayers with lower incomes in order to compensate for the greater frequency of the effects of inflation. This is neither a pro-vo¬lu¬tionary nor…

Spanish economy 28th March 2022

Spain: The Maximum Personal Income Tax Rate Now Exceeds 50% In Three Autonomous Communities

The maximum marginal rate of Personal Income Tax (IRPF) now exceeds 50% in three autonomous communities: Valencia (54%), Navarra (52%) and La Rioja (51.5%), which impose a tax on high incomes that exceeds half of the income. And four others have a tax rate of 50%: Asturias (50%), Cantabria (50%), Canary Islands (50.5%), Catalonia (50%), In contrast, the Community of Madrid has established the lowest regional tax bracket in Spain….

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