B Law & Tax
09 October 2023

Tax advisor: New Taxes in the Basque Provincial Governments: Temporary Solidarity Tax for Large Fortunes (TSTLF)

The provincial governments of Álava, Bizkaia, and Gipuzkoa have cooperatively drafted the respective preliminary drafts of the Foral Norm for the Temporary Solidarity Tax for Large Fortunes. In this manner, these regional institutions continue to progress in the necessary procedures for integrating this new tax into the tax systems of their respective historical territories and collecting the corresponding tax during the fiscal year 2023.

In the case of Gipuzkoa, the Provincial Council has initiated the public information process this Thursday by publishing the Draft Foral Norm on the electronic platform of the Provincial Council, as well as on the digital portal of the Hacienda Foral.

This preliminary project proposes a supplementary tax to the Wealth Tax that will tax the net wealth of individuals exceeding 3,200,000 euros. This tax will have an applicable rate of 1.7% for taxable bases up to 3,200,000 euros, 2.1% for bases of 6,400,000 euros, 2.5% for bases of 12,800,000 euros, and 3.5% for bases exceeding 16,000,000 euros.

 

SUPPLEMENTARY TAX

Taxpayers will apply a deduction equivalent to the net amount of their Wealth Tax to the total amount of the Temporary Solidarity Tax for Large Fortunes. This is done to prevent double taxation on the same assets and rights.

 

 

 

B Law & Tax International Tax & Legal Advisors.

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