The government has already put on the table the tax reform that it had promised to the European Commission for 2025. Among its proposals are several tax increases: create the bank tax (which will be temporary and will introduce progressivity), increase the taxation of diesel (to align it with gasoline) and tobacco, a tax on liquids and nicotine in electronic cigarettes and vaping devices And increase personal income tax capital income and VAT on tourist accommodation.
This is the most relevant content of the amendments presented by the Socialist Group, with the collaboration of the Ministry of Finance, to the bill aimed at guaranteeing minimum taxation for multinationals. A Trojan horse regulatory framework that the department of María Jesús Montero wants to use to carry out numerous tax changes that can be applied in 2025.
The Government had already argued that the measures it was going to propose would be based on Iwhite paper for tax reform that María Jesús Montero commissioned two years ago. And so it was. Among the proposed amendments, to which this newspaper had access, is the increase in the tax on diesel.
Specifically, the bonus for diesel compared to gasoline is removed. The measure will come into force on April 1, 2025 and will not concern professional diesel.
A mechanism is provided to reduce the tax on this fuel if its price increases for two consecutive months and exceeds, on average, the 2 euros per literand if the average price of a barrel of Brent increases this second month above the average of the previous month.
On the other hand, as planned by the Ministry of Health, the liquids and nicotine used will be taxed vapers and electronic cigarettes with a new tax. And generally speaking, Taxation will be increased on products containing tobacco via their tax (the tax on tobacco products).
The Executive maintains its policy of increase taxation on high incomes and proposes to increase by one point (from 28% to 29%) the taxation of capital income above 300,000 euros for personal income tax.
On the other hand, there is the new a bank tax, which will ultimately be temporary. It taxes the interest margin and commissions obtained by credit institutions and branches in Spain of foreign credit institutions, in the activities they carry out in Spain.
The tax rate will have a progressive nature (from 1% to 6% depending on the taxable base) and will allow 25% of the Company’s share to be deducted. Furthermore, an extraordinary deduction is introduced in the event of a lasting decline in their profitability.
It will take effect for tax periods starting January 1, 2024 and will be paid in 2025. It will be applicable for three consecutive years from 2024.
On the other hand, the government has included the commitment to promote the modification of the VAT directive in the EU. The goal is power tourist accommodation rental tax in areas where the real estate market is under stress, which are usually promoted on digital platforms.
