Скачать или смотреть [ Offshore Tax ] Let's talk about Wealth Taxes in Spain

[ Offshore Tax ] Let's talk about Wealth Taxes in Spain

Wealth Tax is levied on the worldwide net assets of Spanish tax residents and on goods and rights located, exercised, or complied with in Spain by Spanish non-residents. The tax is assessed based on the assets held by the taxpayer as of the assessment date, which is December 31.
Law 38/2022, established on December 27, introduces temporary energy taxes and taxes on credit institutions and financial credit establishments. It also creates a temporary solidarity tax on large fortunes and modifies certain tax regulations, thereby extending the individuals to whom Wealth Tax applies.
Beginning with the 2022 tax period, shareholdings will be subject to Wealth Tax if at least 50% of the company's total assets consist, directly or indirectly, of Spanish real estate assets. For this purpose, the value of the real estate assets will not be based on the book value reported for accounting purposes by the company but rather on the value specified in specific Wealth Tax rules for real estate assets. This value will be the higher of the acquisition value, the cadastral value, and any other value assessed by the tax authorities for tax purposes.

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DERREN JOSEPH:
Well, taxes, can you talk about how well taxes are calculated in the various regions? Because I believe that it is raised by region, right? But I know summarize a summary. Yeah,

AURELIO GUIRADO:
Yeah. A summary. I mean, twos, if you are under the general regime, you are subject to tax on your worldwide wealth. Okay. But then the different regions in Spain, they can apply rules. For example in Madrid or Inia, there is an exemption to network tax full exemption. Okay. Also, I will talk now about a fortune tax I created to avoid in practice the application of this exemption. Okay. But also there are some exemptions to taxation under the net tax, for example, there is a minimum exemption that also depends on the region where you are resident Also the house that you are living in is also 70 from me tax. And also there is a limitation of the ME tax that you have to pay depending on the level of income that you have. Cause Spain doesn't want that. You have to pay, to sell your assets in order to, to pay the net tax. And also there is an extension to family, family businesses. Okay. On top of that, if you are under Beckham, you are always taxed on your Spanish. Spanish wealth. Foreign wealth is not to tax now for this year, 2022, and 2023, those regions where the naval tax is accepted. Then the central government created this new, this new tax called the fortune tax, which was looking, to avoid this third applicability of these exemptions in these regions. Because they, I mean the central government has, this is governed by a different political party as to those regions are created this exemption. So they wanted to create the central, central tax, which I mean, it's quite controversial and we, I think why believe is against the constitutional principles. So now for this year, we have this tax, which is temporary.


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