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Moncloa Studies The Budget After The ‘Puncture’ Of The New Taxes

The Government has confirmed that it will present the new General State Budgets (PGE) for 2022 at the end of September or beginning of October. Moncloa is already studying the new accounts after the poor results of the new tax figures it introduced for this year. According to the estimates of the Independent Authority for Fiscal Responsibility (AIReF), the Treasury will earn less than half of the amount estimated by the Executive .

One of the worst tax figures has been the new tax on financial transactions, the so-called Tobin tax . According to the collection data of the Tax Agency, Spain has received in the first half of the year 150 million euros from the first payment of the tax, which represents 17.6% of the 850 million collection planned by the Government for the year as a whole, that is, less than a quarter of the estimate made for all of 2021.

Tax revenues in the first half of the year were around 90,475 million, compared to 87,546 million that were collected in the same period of 2020. The Treasury has pointed out that the comparison for the first semester is not homogeneous, because in 2021 there are new figures Tax and fiscal changes that were introduced in the General State Budgets, such as Tobin and Google rates.

On January 16, the tax on certain digital services also came into force , but its first settlement was made between July 1 and August 2 and, therefore, it has not yet been reflected in the tax revenues of the first semester.

This tax is levied on companies with total annual income of at least 750 million euros and with income in Spain greater than 3 million euros, targeting online advertising services, online intermediation services and the sale of generated data. from information provided by the user during their activity or the sale of metadata. Although the Treasury had planned an initial collection of about 1,200 million euros (before the pandemic) with this new tribute, later, it lowered it to 968 million.

The department of María Jesús Montero specifies that the traditional taxes still do not have the degree of performance prior to the pandemic and adds that the new tax figures and fiscal changes, such as the Tobin tax or the Google tax, are having an effect on the collection data, although revenues could have been “somewhat lower” than expected to date.

AIReF dismantled the figures
The tax increase signed by the Government for 2021 will raise 2,898 million euros, according to AIReF. The figure is less than half of the 6,100 million euros that the Executive assured that he will enter.

The trade show , in its report on the initial budget for the Public Administrations 2021 , downgrade again raising expectations the government. Specifically, it maintains that it will enter 1,104 million euros less than its latest forecasts, when the “optimistic” accounts of the Executive sent to Brussels had already dropped to 4,002 million euros. “It is reduced compared to the previous report, fundamentally in measures on environmental taxation,” the document points out.

According to AIReF, the so-called green taxes – which include taxes on plastic and waste – will barely raise 313 million euros this year. “The changes are derived from the rejection during the parliamentary process of the increase in types of diesel, from the revision of the estimates of taxes on single-use plastic containers and the tax on waste, from the pace of processing of the Fighting Law against fraud,

Moncloa’s tax plan seeks to increase the tax burden in Spain. The Government assured then that its reform would allow to increase the collection in 6,085 million euros.

The Aeat received the first payments in June
The Tax on Financial Transactions, in force since January 16, 2021, is levied on the acquisition of shares in Spanish companies, regardless of the residence of the persons or entities involved in the operation. The first self-assessment of the tax, which must be submitted electronically via the Internet at the electronic headquarters of the Aeat, was carried out between June 10 and 20 of this year.

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