Spain re-introduces Wealth Tax for 2011 and 2012 to help reduce deficit

Spain re-introduces Wealth Tax for 2011 and 2012 to help reduce deficit

Update 16 September: The Government has today approved the re-introduction for the tax years 2011 and 2012, for which returns will be presented in the tax years 2012 and 2013. The Government said that the measure was “exceptional”, and that it was an initiative designed to lay the fiscal burden in a fairer and more balanced way during the crisis. The tax rate will vary between 0.2 and 2.5%, depending on the contributory base after allowances: the previous threshold of €150,000 has also been raised to €300.000 in the legislation for the principal residence. PV

Original post 15 September: It appears that Spain is to re-introduce Wealth tax for the tax years 2011 and 2012 in order to help with the deficit. The re-introduction is said to be imposed for assets over €700,000, affecting some 160.000 taxpayers and raising a billion Euros in the process. The measure was announced by Finance Minister Elena Salgado, who said it is to be approved by Cabinet tomorrow. PV

3 Comments

  1. Hi.

    ”The tax rate will vary between 0.2 and 2.5%, depending on the contributory base after allowances”

    Will this be exactly as it was before the law was suspended? IE; 0-167,129 0.2%, 167,129-334,253 0.3% etc…….
    I can’t find this information anywhere.

    Thanks

  2. Author

    I don’t know, and I don’t think anyone does. Even government ministers are giving slightly different versions of it. We shall have to wait and see, it seems.

  3. Thanks for the reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.