The Ministry of Finance and Public Function has published an Order to delay until January 1, 2024 the entry into force of the new self-assessment model of the Tax on Financial Transactions, also known as the ‘Tobin tax’.
This is a tax that is applied to 0.2% of operations for the acquisition of shares issued in Spain by listed companies provided that their market capitalisation is greater than 1 billion euro.
The department currently headed by María Jesús Montero alleges “unforeseen technical circumstances” to justify the delay of the model, which was previously scheduled for September 1 of this year. In addition, the extension also seeks to “guarantee the correct levy of the tax by all the Administrations involved”, as stated in the Official State Gazette (BOE).
With all this, the model by which the taxpayer must pay taxes on their financial transactions will come into force on January 1 of next year and will affect those operations started from the same date.
The ‘Tobin tax’ was approved in 2020 along with another tax on Certain Digital Services, known as the ‘Google tax’.
The Government explained that these taxes aim to modernise the Spanish tax system to make it “fairer, more progressive and redistributive”, and were intended to “respond to the new realities”, and the new businesses derived from the digital world.
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