Sumar is pressuring Montero to approve a battery of tax measures aimed at increasing pressure on big business and raising an additional 14.2 billion euros each year. Pedro Sánchez’s coalition partner is proposing to accompany the budget plan with a deep reform of corporate tax which generates extraordinary income of 13.3 billion. On the one hand, they propose to limit to four years the compensation of losses or unapplied deductions, to add 8 billion more each year; On the other hand, they formulate the elimination of the consolidated regime and the elimination of double taxation of profits repatriated outside the European Union. The two measures would add -according to Sumar’s calculations- 1.8 billion and 3.5 billion to the tax authorities. In 2023, the corporate tax collected 35.060 million, the amount would exceed 48 billion if training conditions are prosperous.
This is not the only measure included in his tax proposal. They have put on the table the permanence of taxes on banks and energy guarantee an annual income of 2.6 billion euros“We propose that the tax be maintained in its entirety,” insists the document of demands that Sumar presented at the table of the first vice-president. The formation recalls that this point was signed by the PSOE within the framework of the government agreement signed before the investiture of Sánchez.
On the other hand, the team led by the Minister of Culture, Ernest Urtasun, returns to the fray with another of its old demands. They demand from Montero the commitment to introduce -in the next six months- a tax that serious excessive margins of large companies in the food chainonly if they continue to be higher than those of 2019. This tax would be 1.2% of net turnover if the difference between the commercial margins between 2025 and 2019 exceeds the difference between the margin between 2023 and 2019, the previous year. pandemic. If applied, the figure would generate 900 million euros in tax revenues.
The coalition partners’ document also opens the way to an increase in the taxation of SOCIMI and SICAV. They propose to eliminate the “tax privileges” enjoyed by investment companies, by setting a limit on the concentration of capital in the hands of the same shareholder and a maximum retention period of four years for cumulative capital gains. For real estate companies, they propose to reduce the 95% bonus in the ITP and AJD. All this would cost an additional 500 million.
Increased tax pressure on the “rich”
On the sidelines are the tax measures that Sumar presents for the highest incomes. The main one aims at creating a tax on large inheritances exceeding one million euroswhich would add 2 billion per year to the collection. Those of Urtasun justify that imposing this tax would avoid a downward tax competition in matters of inheritance and gift taxes, which the regional governments of the PP have intensified with a new battery of chain bonuses.
They also plan a new version of the wealth tax, reducing the ceiling at which the tax begins. tax from three to one million euros. In addition, they formulate a modification of the tax so that, in calculating the limit between the contributions of the Personal Income Tax, the Wealth Tax and the Wealth Tax itself, the amount paid of the Wealth Tax is taken into account and not the total amount. All this would bring an additional income of only 13 million. However, the document recognizes the effect that this tax has had on the wealth tax. Since its implementation – in 2022 – the PP autonomies have withdrawn their bonuses to ensure that the collection remains in the regions themselves. In fact, the government partners agree to criticize the fact that the “tax gifts” that the people have approved in their regions have eroded public services in favor of private services. For this reason, Sumar proposes remove VAT exemptions for private education centres and health insuranceThis measure would increase collection in 1.945 million and 750 million morerespectively
The catalogue of proposals also calls for an increase in tax pressure on property owners. a property not intended for permanent housing raise an additional 300 million each year; and puts on the table the creation of an environmental tax on private planes, luxury cars or yachtswho aspires to win 250 million.
Sumar also proposes a change in personal income tax for high incomes, which they plan to develop – as with the creation of taxes – before the second quarter of 2025. They commit to creating a new section for earned income from 150,000 euros, and increase the maximum tax rate on capital income at 33%. The goal is to raise an additional 500 million.
