NEW FISCAL MEASURES FOR NEXT YEAR
Last Thursday, the central government announced a package of fiscal and tax measures for next year 2023, which we will now highlight:
- Wealth: The intention is to legislate a new tax on the country’s great wealth, provided that the net worth is more than 3 million euros. Thus, for wealth between 3 and 5 million euros, the rate will be 1.7%, with a maximum rate of 3.5% for net wealth of more than 10 million euros.
This tax will be of a temporary nature and, as experts in the field have already pointed out, the tax will be designed to combat the rebates that have been or will be introduced by regional governments which, in practice, have eliminated the Wealth Tax, such as Andalusia or Madrid, for example.
- Income: the new measures will also affect Personal Income Tax, where the rate will be increased from 26% to 27% for capital income over 200,000 euros.
At the same time, there will be new reductions on capital income from work with an average of 21,000 Euros, as well as raising the minimum taxable income from the 14,000 Euros already included in the legislation to 15,000 Euros.
In addition to these measures, others have also been announced that directly affect companies located in Spain, for example, for small companies and with regard to Corporate Tax, the rate will be reduced from 25% to 23%.
MDG Advisors will keep a close eye on the latest developments in tax matters and the new legislative regulation that will include these tax measures in order to analyse them in greater detail and provide our clients with detailed advice. If you have any questions, please do not hesitate to contact our MDG Team.