These are the communities affected by the new tax on large fortunes

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The solidarity tax on large fortunes will affect taxpayers from the communities of Catalonia, Galicia, Andalusia, the Principality of Asturias, Cantabria, the Region of Murcia, the Balearic Islands, the Community of Madrid, the Basque Country and Navarra because their rate in the Wealth Tax It presents lower rates than those announced in the new tax that is being debated in the Congress of Deputies and that is expected to be voted on Thursday, after the General State Budget.

All these communities, with the exception of the foral haciendas (Vizcaya, Álava, Guipuzcoa and Navarra), present a maximum rate in the Wealth Tax lower than that established in the solidarity tax. In the case of regional estates, the difference between the Wealth Tax and the solidarity tax affects more sections of the rate.

This is clear from the report published by the Foundation for Applied Economics Studies (Fedea)in which Diego Martínez (Pablo de Olavide University and Fedea), Manuel Díaz (Fedea) and Carmen Marín (Fedea) analyze the possible repercussions of the new solidarity tax for the autonomous haciendas, without going into assessing this tax figure.

According to the analysis, the level of net worth at which taxpayers in the different communities will begin to be affected ranges from 3.7 million euros in Madrid or Andalusia, to 209.9 million in the Balearic Islands. In Galicia would affect from the assets of 8.6 million euros (in this case, the 25% discount on the Wealth Tax rate is included in the calculations).

For the Basque Country and Navarre, the section of the tariff has been taken into account of the Wealth Tax from which the solidarity tax begins to affect. so, in Biscay the affected net worth is from 9.6 million of euros, in Navarre since the 10.6 million of euros and in the provincial councils of Álava and Guipúzcoa from 13 million. In Asturias, Murcia Y Cantabria the solidarity tax would be paid from the 23.9, 25 and 26 million euros, respectively.

Main features of the new tax

The main features of this tax essentially coincide with those of the current Wealth Tax (IP). The tax will affect net assets of more than 3.7 million euros. The first tranche will tax the taxable bases at 1.7% (net worth minus 0.7 million euros from the exempt minimum) of between 3 and 5.34 million euros. the second stretch sets a rate of 2.1% and will affect the range between 5.34 and 10.69 million. Finally, for assets greater than 10.69 million, a rate of 3.5% will be applied.

The collection of the solidarity tax will be received by the State and that of the Heritage will remain in the autonomous communities. Faced with this situation, Fedea has indicated that there are communities that present lower rates in its Wealth Tax than those proposed through the solidarity tax and communities that are subsidizing the entire IP (Community of Madrid and Andalusia) or a part of it (Galicia). “These communities will not be able to benefit their taxpayers with lower rates since the solidarity tax would increase to compensate for the reduction“, have stressed the authors in the report.

Source: lainformacion.com

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