Macroeconomics
The negotiation of United Podemos and PSOE will lead to fiscal changes.
October 5, 2021 14:35
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Finally, fiscal changes will be approved in the project of General State Budgets (PGE) agreed by the parties of the coalition Government, PSOE and United We Can . The most important modification is in the Corporation tax . Finally the Socialists have yielded and the creation of a minimum rate of 15% in Corporation Tax for large companies is ahead of the 2022 Accounts.
Until now, the Ministry of Finance He had opposed including this measure in the next Budgets since the major tax reform that will be raised by the Executive has been left in the hands of a Committee of Experts that will give birth to a report in February next year. The objective was to apply these measures in 2023.
However, upcoming budgets
. The international agreement that is being reached regarding how to control the large multinationals has been key in this. A pact has already been closed within the OECD and it is expected to happen something similar in the next meeting of the G-20 .
750 million
Precisely, these have been the ‘purple’ arguments to convince the PSOE and apply the minimum tax rate of 15 % to large companies. In the absence of knowing the fine print, the idea being considered by the Executive was that this minimum applies to companies that bill more than 750 million a year .
This week, the Ministry of Finance and Public Function has released a report according to which 20 of the Spanish multinationals with the highest turnover only pay a rate of 1.9% in Companies , well below the 15 % expected.
In any case, although United We can defend that this measure is theirs, The truth is that he has been in Pedro Sánchez’s program since 2018 , just before that he acceded to the Government after the motion of censure against Mariano Rajoy.
In fact, his proposal included that the minimum rate outside 18% for the banking and energy sector (always with the billing levels indicated). If this is applied, such a measure would threaten to blow up the relationship with the electricity companies.
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