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Increase in personal income tax to income of more than € 300,000

Posted by Michel B. on 27/10/2020
Finance
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Source: Europa Press

The Government will include in the 2021 General State Budgets project (PGE) an increase of two points in personal income tax for work income of more than 300,000 euros and three points for capital income of more than 200,000 euros, as well as a 1% tax for assets of more than 10 million euros, will limit deductions in Corporation Tax, will set a minimum tax of 15% for ‘socimis’ and will reduce deductions from private pension plans.

This has been detailed by the President of the Government, Pedro Sánchez, and the Second Vice President and Minister of Social Rights and the 2030 Agenda, Pablo Iglesias, during an act of presentation in Moncloa of the keys to the draft bill of the General State Budgets ( PGE) by 2021, before the Council of Ministers, after the coalition partners reached a last-minute agreement yesterday regarding the Minimum Living Income and the regulation of the price of rents, the two main obstacles of the negotiation.

Sánchez stressed that the new PGE are the “key piece” for economic recovery and means leaving behind austerity and cuts, to make way for an “energy” and a “will” of the Executive to “get ahead” after the pandemic with a historical social public investment of 239,765 million, 10.3% more, including an advance of 27,000 million from European funds.

“The response of the PGEs will be at the height of the impact, it draws a before and after the economic model and no one will be left behind, reducing inequalities and strengthening public services,” he said.

Iglesias has highlighted that “a new era in economic policy is inaugurated that definitively leaves behind the neoliberal stage and cuts and puts Spain on the path of recovering labor and social rights and reinforcing public services”.

In tax matters, it has detailed that an increase of two points in personal income tax will be approved for income from work of more than 300,000 euros and three points for capital income of more than 200,000 euros, as well as a 1% tax for assets of more than 10 million euros.

There will also be a rise in Companies limiting exemptions for dividends and capital gains generated by shares in subsidiaries, a minimum tax rate of 15% will be set for ‘Socimis’ and it will reduce deductions from private pension plans.

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