• Taxes.Montero defends the 'Tobin tax': "I don't think many families are worried about investing in the Stock Market"
  • Tax.The Government gets the green light for its Google rate with the "ultra-child" opposition of PP, Vox and Citizens

The Government has obtained, in just seven days , the endorsement of Congress to apply a fiscal tightening that, according to the estimates of the Treasury, slightly exceeds 1,800 million euros. In that week of the deadline, the majority of the deputies supported, first, the so-called Google rate , and yesterday they did the same with the Tobin rate .

In both cases, PP, Ciudadanos and Vox have been against, with amendments to the entirety in which the moment was questioned, the real implications for taxpayers and its possible impact on the middle class . But also in both cases, the Executive has obtained the support of the PNV, Junts and Esquerra or Bildu, so that the two rates may be processed as part of the "taxation of the 21st century" that it always defends.

The so-called Tobin rate or tax on financial transactions contemplates a 0.2% tax on the purchase of shares of those companies with a market capitalization of more than 1,000 million, and the Executive estimates that the collection will be 850 million. In defense of this figure, the Minister of Finance, María Jesús Montero, rejected that it will affect customers, nor will it have an impact for savers, and, in addition, "only 11% of households have shares in listed companies, and of these, only 2.8% are among households with a lower level of income. " And he added: " I don't think many families are very concerned about what they have to invest in the stock market ."

The Popular Party, Ciudadanos and Vox, on the other hand, maintain that it will end up having an impact on savers and that the figure not only affects the holders of shares but also extends to other collective investment vehicles, which is what has been pointed out in more than one occasion from the financial sector. "More than three million families who have shares, more than three million families who want to raise taxes, " summarized the PP.

The implications of the 'Google rate'

Something very similar occurs with the Google rate or income tax of large technology companies, since it could end up affecting the entire digital business environment, including startups , and even the consumer , as various organizations in the sector have stated.

The Ministry of Montero has reduced the collection forecast for this tax, which requires approval as a bill because it is a new figure, officially called the Tax on Certain Digital Services (IDSD). Although in principle the Executive of Pedro Sánchez had to amass up to 1,200 million euros -as it was stated in the failed budgets of the State of 2019-, more recently it has been estimated at 968 million , a figure that coincides with the most optimistic forecasts contemplated by the Independent Authority for Fiscal Responsibility (AIReF).

However, the Google rate sits on shaky regulatory ground . The Government has already stated that it would not proceed to liquidate this figure until the end of the year, along the same lines as one of the pioneer countries in its application, France. Both the Spanish and French taxes are subject to the result of international talks within the Organization for Economic Cooperation and Development (OECD), a global solution advocated by the main companies affected (Google, Apple, Facebook, Amazon, Netflix ...) and that also prefers the country of origin of these technological giants, USA. In fact, the Trump Administration has already threatened to respond to France with tariffs and this month has announced that it is opening an investigation into the Spanish figure in case it leads to "inadmissible or discriminatory" behavior that "burdens or restricts US trade."

As if that were not enough, the Government assumes that the tax would nourish the Spanish coffers, but in Europe voices have already been heard that consider that this money would serve to finance community budgets , a line in which the president of the Commission, Ursula von der Leyen.

The IDSD plans to tax 3% of income (not of profits, which is particularly uncomfortable for impacted companies) as long as the company in question exceeds 750 million euros in global turnover and 3 million in this country. For the Spanish Government, like others in the world, this figure tries to compensate for the low corporate tax rates that these corporations bequeath in territories in which they operate but do not have tax offices.

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