BackThe Ministry of Finance and Public Function has issued an Order to postpone the implementation of the new self-declaration system for the Financial Transactions Tax, known as the ‘Tobin tax’, until January 1, 2024. This decision seeks to allow the tax systems of Navarre and the Basque deputations to adjust to the tax. The modification will affect the filing of form 604. The ‘Tobin tax’ implies a 0.2% levy on the purchase of shares in listed companies with a market capitalization of more than 1,000 million euros, applicable to investment companies and credit institutions, regardless of their location. This provision is reflected in Law 5/2020 on the Financial Transaction Tax.
According to the information provided in the recently published Official State Gazette (BOE), the extension aims to ensure that all Administrations involved can demand the payment of the tax in an adequate manner. As a result of this, the new method by which taxpayers must declare their financial transactions will be implemented on January 1 of next year, affecting those transactions that are initiated as of that same date.
In 2021, the ‘Tobin Tax’ tax collected €295.7 million, only 35% of the initial forecast of €850 million. In 2022, the collection fell by 33.8% compared to the previous year, generating 195.9 million, half of what was expected. In parallel, the tax on Certain Digital Services (‘Google Tax’) raised almost 280 million in 2022, 23% more than budgeted. However, these figures are considerably far from the 1.2 billion originally projected. Both taxes were conceived to modernize the Spanish tax system, making it more equitable and progressive in response to the new business dynamics derived from the digital sphere.
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