The Council of Ministers will foreseeably approve tomorrow the new digital tax and the one that will tax the financial transactions , known as 'Google rate' and 'Tobin rate', whose bills declined in the last legislature before the electoral advance, as they confirmed to Europa Press in government sources.
The Government agreement between PSOE and United We could include the approval of both taxes, with which the Executive expects to collect about 2,050 million euros (1,200 million with the digital tax and 850 million with the financial transaction).
The new Tax on Certain Digital Services, known as the 'Google rate' , will foreseeably charge those companies with total annual revenues of at least 750 million euros and with revenues in Spain exceeding 3 million euros.
Specifically, in line with the proposal made by the European Commission, it will tax 3% of online advertising services, online intermediation services and the sale of data generated from information provided by the user during its activity or sale of metadata. The Government expects to collect 1,200 million euros with this tax, whose settlement will be quarterly.
The Government defends the creation of this tax because there are revenues obtained in Spain by large international companies from certain digital activities that escape the current fiscal framework, so they are doing unfair competition especially to small businesses.
The sale of goods or services among users within the framework of an online intermediation service is excluded from the tax; and sales of goods or services contracted online through the website of the provider of those goods or services in which the supplier does not act as an intermediary. In addition, certain financial services are excluded from the rate.
In addition, digital benefits that are made between entities that are part of a group with a direct or indirect participation of 100% will also be excluded from the tax.
Tobin Rate
Together with this tax, the Council of Ministers will foreseeably approve tomorrow the bill that creates the Tax on Financial Transactions, known as the 'Tobin rate', which will levy with 0.2% the operations of purchase of Spanish shares executed by operators of the financial sector.
Only 0.2% of transactions for the acquisition of shares issued in Spain by listed companies whose market capitalization is greater than 1,000 million euros will be taxed. The purchase of shares of SMEs and unlisted companies will not be taxed. The taxpayer is the financial intermediary that transmits or executes the purchase order, and must submit an annual tax return.
Debt, both public and private, and derivatives are outside the scope of the 'Tobin rate'. Specifically, among the acquisitions that will be exempt from this tax are the operations of the primary market (IPO of a company), those necessary for the operation of market infrastructures, those of business restructuring, which are made between companies of the same group and temporary assignments.
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