PSOE and Sumar close a tax agreement to tax banks, tourist apartments and yachts

They do not expressly mention the tax on energy companies, which if not remedied will decline on December 31, and they raise taxes on socimis

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The PSOE and Sumar have closed an agreement on the law on the tax on multinationals, which was going to be voted on this Monday in Congress, and have committed to introducing amendments to tax banking profits, increase VAT on tourist apartments and apply the luxury tax to yachts, private jets and luxury cars, among other measures.

An agreement that has been reached ‘over the top’ and has not given time, for the moment, to translate the measures into amendments or to gather the necessary support to approve the law that regulates a new tax on multinationals coming from a European directive. Thus, the two parties have forced the cancellation of the commission that was going to vote on the rule this Monday and have decided to postpone it to Thursday.

In the agreement, reported by Europa Press, PSOE and Sumar are committed to establishing a minimum tax level of 15% on profits for multinationals and large companies, taking advantage of the transposition into our legal system of the Community Directive originating in the Pillar Two agreements. of the OECD.

What is not referred to in the document is the continuity of the tax that has been applied to energy companies, which Sumar wanted to maintain but the PSOE had agreed with Junts for its disappearance when it expires at the end of the year.

THE BANK TAX IS MAINTAINED

But a consensus has been reached to “maintain the banking tax so that these entities, which only pay less than 3% of their profits in taxes and which are obtaining record profits, contribute fairly to the support of the society of the that they obtain so many benefits just like the rest of the companies and citizens.

But it remains to be seen how this tax will remain in the law, since Sumar’s idea is to make it permanent as it is and the PSOE, after an agreement with the PNV, opted to transform it into a progressive tax on the margin of interest and commissions and that will allow the deduction of 25% of the Company quota.

Likewise, they intend to “raise the personal income tax taxation of capital income by two points above 300,000 euros to continue advancing horizontal equity with labor income.”

ELIMINATE THE EXEMPTION FROM PRIVATE HEALTH CARE

Likewise, the Government parties advocate “eliminating the exemption to private health insurance premiums, which has a clear regressive bias, fundamentally benefiting high-income individuals and families.”

Likewise, and at Sumar’s request, they are going to “establish a new tax on luxury goods (private jets and yachts, luxury cars, etc.) to improve equity in the distribution of income and wealth.”

In addition, they will introduce a 21% VAT for tourist apartments in order to cut their profitability and transform them into homes for permanent rental, “relieving the lack of habitual housing in stressed areas.”

THE SPECIAL TAX REGIME FOR SOCIMIS IS AMOLED

The Government partners have also reached an agreement to eliminate the special tax regime for Listed Real Estate Investment Companies (Socimi). According to the agreement, this decision is due to the fact that these companies “only pay 1% in Corporate Tax” and, despite the tax benefit, it has not served to improve the supply of housing.

Another point of the agreement mentions the deployment of the Artist Statute to comply “once” with the special taxation required by the world of culture.

A consensus has also been reached to improve the taxation of cooperatives to facilitate the growth and expansion of this “cornerstone of the social economy” and workers’ access to ownership of the means of production.

TAX RAISE ON TOBACCO AND VAPE

On the other hand, PSOE and Sumar have agreed to discourage the consumption of tobacco and vaping devices by increasing their taxation, something that the socialists had already proposed alone.

Finally, a section is included to “resolve the problems generated” by the tax reform of former Finance Minister Cristóbal Montoro, which was partially overturned by the Constitutional Court. Specifically, it has been agreed to advance the collection of large companies and groups of companies, limiting their possibilities of deducting losses and repatriated dividends, or the possibilities of consolidating business groups in Corporate Tax.