Spain MOF Clarifies Various Proposed Tax Measures for Promoting Social Justice, Economic Efficiency

The Spanish Ministry of Finance and Public Administration Sept. 29 clarified proposed tax measures for promoting social justice and economic efficiency. The announcement includes: 1) introduction of a wealth tax, for 2023 and 2024, of 1.7% for assets between 3 million euros (US$2.9 million) and 5 million euros (US$4.9 million), 2.1% for assets between 5 million euros and 10 million euros (US$9.9 million), and 3.5% for assets exceeding 10 million euros; 2) an increase in the capital income tax rate to 27 percent on income between 200,000 euros (US$196,702) and 300,000 euros (US$297,053), and 28 percent on income exceeding 300,000 ...