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

Oct. 7, 2022, 5:00 AM

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 ...