The government has kept in the Congressional Finance Commission the law that regulates the minimum rate for multinationals and part of the tax package that it has been announcing for weeks after a chaotic day that ended in the early hours of Tuesday thanks to an agreement. to the extreme with ERC, Bildu and BNG to extend the tax on large energy companies for one year through a decree-law, although this point has nuances.
The agreement appears to contradict the agreement that the government had made with Junts and the PNV to allow a reduction in the energy tax from December 31, but the Catalan separatists ultimately supported the text. The Ministry of Finance itself specified in a press release sent at 12:54 a.m., shortly after confirming the agreement with ERC, Bildu and BNG, that it “maintains its agreement with Junts for not tax energy companies that maintain their commitment to effective investment in decarbonization“That is to say, the tax will not be automatically extended to all companies but will be removed for those that meet this condition.
After eight hours of sitting in which the Finance Committee was interrupted by several interruptions due to the absence of government agreements that would implement the new global minimum tax of 15% for multinational companies that Europe demands – Spain is already running out of time and the sanction and the fifth disbursement of European funds are at stake – the day ended with relative success for the Executive after blocking support from ERC, Bildu and BNG, who refused to support it other than including the energy tax.
Last night’s agreements are the first step. The law will now be submitted to the plenary session on Thursday, where the votes of Junts and Podemos are needed, which has already warned through its secretary general, Ione Belarra, that it would only support the tax reform if the energy tax was actually maintained.
The bank tax and tax measures, to be examined on Thursday
The government’s success during Monday’s marathon day is relative. Of the hundred or so amendments recorded, only a few are related, such as the two-point increase in the personal income tax rate for savings income above 300,000 euros (from 28% at 30%), regulatory changes to strengthen the fight against taxes. fraud in the hydrocarbon sector or measures aimed at mitigating the effects of the annulment by the Constitutional Court of the corporate tax reforms of the PP (limitation of the compensation of negative tax bases or deductions for double taxation).
It was also agreed to tax vapers, to increase tobacco taxation, to promote a modification of the European directive on VAT which allows the tax to be applied to tourist rentals or to promote electronic invoices, to improve the taxation of cooperatives, to lower societies to cooperatives and businesses. which charge less than one million euros or an improvement in the taxation of artistic activities and a bonus in social contributions for non-profit sports clubs and associations.
The fate of other tax measures proposed by the government, such as the increase in taxes on diesel, the abolition of the special SOCIMI regime or the introduction of a 21% VAT for tourist rental apartments, will depend on the situation. . bank taxwhich will be voted on Thursday in Congress. Currently, the government’s agreement with ERC, Bildu and BNG also includes the agreement to approve – and strengthen it with an increase in the highest section – on Thursday the tax on financial entities which was rejected Monday by the Finance Committee.
