Treasury advances the implementation of the tax on large assets


The Treasury has advanced to 2022 the entry into force of the ‘solidarity’ tax for large fortuneswith which the Government hopes to raise 3,000 million in two yearsas confirmed by sources from the Department headed by María Jesús Montero.

With this change, the new tax will be in force during the years 2022 and 2023 so that the collection takes effect in 2023 and 2024, coinciding with the liquidation of said tax. After these two years, the Government will evaluate whether to maintain it or not. The Independent Authority for Fiscal Responsibility (AIReF) warned yesterday that the tax would have to come into force this year, given that the budget plan sent by the Government to Brussels a few weeks ago It states that the collection of this new tax will already take effect in 2023. Specifically, AIReF foresees a collection of 1,270 million euros for next year and 1,370 million for 2024.

The intention of the Treasury is to approve, therefore, the new tax on large fortunes before December 31 of this year so that it can come into force in 2022, and one of the options that it is considering is to introduce it as an amendment to the bill that Congress is currently processing to tax extraordinary income to energy companies and financial entities. The new tax on large fortunes will tax net wealth of more than three million euros, with three tranches: 1.7% to assets between 3 and 5 million; 2.1% to assets of between 5 and 10 million, and 3.5% from 10 million.

With this new tax, which will allow deducting 100% of what is paid for the Wealth Tax managed by the Autonomous Communities, the Government expects to collect 3,000 million euros in 2023 and 2024. However, AIReF estimates that the collection will be somewhat lowerabout 1.27 billion in 2023 and 1.37 billion in 2024.


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