A detailed overview by Garrigues
On November 10, 2022, amendments were submitted to the Non-government Bill for the establishment of temporary taxes on energy and on credit institutions and credit financial establishments (122/000247).
Among others, a joint amendment was submitted by the parliamentary groups of the Socialist Party and of Unidas Podemos-En comú Podem-Galicia en Común, whereby it is proposed to regulate the so-called Temporary Solidarity Tax on Large Fortunes (Solidarity Tax).
This new tax, which is introduced with the stated aims of increasing tax collection and harmonizing autonomous community legislation, is configured as a direct, personal tax supplementary to wealth tax that will be levied on net worth exceeding €3,000,000.
It will apply throughout all of Spain (without prejudice to the Basque and Navarre provincial regimes – the modification of which is envisaged in the amendment itself – or to the provisions of the international treaties and conventions that form part of Spanish domestic law) and may not be devolved to the autonomous communities.
Our Spanish firm, Garrigues, provides a detailed overview of the changes.
Continue reading here.
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