This Monday, the coalition government reached an agreement for a tax reform with several new features aimed at improving tax collection and advancing tax equity. After intense negotiations led by the Ministry of Finance, the PSOE and Sumar have agreed to maintain the banking tax, increase the taxation of investment of high incomes and high assets, and apply a VAT of 21% to tourist homes. In addition, the two partners will toughen the taxation of Socimis and impose new taxes on luxury goods.
Among the main provisions, the agreement establishes a minimum taxation of 15% in corporate tax for multinationals and large companies. This change, which arises from the transposition of a European directive that should have been approved a year ago, will allow the Government to comply with the transposition of the community directive based on the agreements of Pillar Two of the OECD, which seeks greater tax equity. at a global level.
Regarding access to housing, the agreement includes the application of a 21% VAT to tourist apartments. This measure seeks to reduce its profitability and encourage its conversion into permanent rental housing, helping to alleviate the lack of habitual housing in stressed areas. In real estate matters, the partners have also agreed to eliminate the special tax regime for Socimis (Listed Limited Investment Companies in the Real Estate Market), “which only pay 1% corporate tax and which has not served to improve the offer of housing”, according to the text.
In addition, the pact converts the temporary tax on banking, designed in 2022, into a permanent tax, despite the protests of some financial entities, especially CaixaBank. According to the agreement, this measure will guarantee that banks, “which currently contribute less than 3% of their profits in taxes,” contribute fairly to the support of society.
Another novelty is the increase of two points in personal income tax for capital income over 300,000 euros, thus moving towards greater equity between income from work and capital. Likewise, a new tax is created on luxury goods, such as jets, private yachts and high-end cars, with the aim of improving equity in the distribution of wealth.
