He Plenary session of the Congress of Deputies has cleared up all doubts and has definitively approved the bill that creates a minimum tax for multinational companies, where part of the so-called appears ‘tax reform’ that the Government was pursuing. Finally, this includes a bank taxbut leave out the tax on the energy sector.
The parliamentary process has ended once the amendments from the Senate have been voted on, some of which have achieved the ‘yes’ of Congress despite the Government having voted against. At the time this rule appears in the Official State Gazette (BOE) will come into force.
The problems in carrying out this tax reform go back a long way. From day one he has had to go through several negotiations from which he has not always emerged successfully. In any case, it passed the first procedure in Congress, but not with all the points that the Sánchez Executive pursuedsuch as raising taxes on diesel, regulating the Socimis regime or taxing cars, planes and yachts.
DANA aid will not pay taxes
Once it has passed through the Senate, the law reaches the Lower House with the measures proposed by the Popular Party (PP) of Alberto Núñez Feijóo. At first, the Government showed its refusal to include thembut finally they have had to accept them. Among them, the amendments to exempt aid for those affected by the crisis from personal income tax and donation tax. DANA, 0% VAT to change vehicles and fix the house or the extension to 2025 of the IBI and IAE tax.
The Junts amendments have also been approved in the Senate, which lowered the VAT on dairy products to 4%, and granted a business quota to coaches and monitors of sports clubs.
The PP also managed to overthrow the legal basis of the energy tax with an amendment in the Senate that Congress has supported Vox, Junts and PNV.
bank tax
One of the most controversial points of this reform has been, from the beginning, a reconfiguration of the banking tax. Mainly because 7.2 billion euros of European funds depended on this decision. In this way, it will go from being a capital benefit to a tax, implying that the provincial treasuries and the Autonomous Communities can manage it.
It will have a progressive rate on the interest margin and commissions of each entity, which will be 1% up to 750 million, 3.5% up to 1,500 million, 4.8% up to 3,000 million, 6% up to 5,000 million and 7% from this last amount.
They have not been included PP amendments so that what is collected from these taxes goes towards mortgage aid or the construction of affordable housing that allows young people to get a house.
Nor have tax exemptions been approved in personal income tax for young people between 18 and 35 years old for 4 years so that they can use it for birth, entrepreneurship or housing. The PP has stated that this measure will cost 2.1 billion euros and an average benefit for young people of between 10,000 and 12,000 euros.
Changes in corporate tax
He Corporate Tax It has been reduced for companies that invoice less than one million euros so that the tax base up to 50,000 euros will have a tax rate of 17% and the rest of the base a rate of 20%. The reduction of the tax will be gradual until 2027.
This bill contemplates measures to avoid the tax collection impact of a ruling from the Constitutional Court (TC) which declared the partial nullity of a Corporate Tax reform carried out by the former Minister of Finance, Cristóbal Montoro (PP).
The taxation of capital income exceeding 300,000 euros has been increased by 2 points, going from 28% to 30%.
Permanent disability and employment
An amendment by the PSOE and Junts has been approved so that people who are in a situation of absolute permanent disability or severe disability do not lose their pension if they enter a job and ultimately cannot continue with it.
The Minister of Finance, Maria Jesus Monterohas celebrated that this tax reform has finally gone ahead, because he understands that it will serve to collect more through those companies or citizens who have the most.