The first vice president, María Jesús Montero, discards Sumar’s proposals to incorporate into the tax legislation a specific tax on the food chain for excessive margins and another tax on large inheritances. The Treasury closed the door yesterday to its coalition partners, referring to the fact that the proposals verbalized by its economic spokesperson in Congress, Carlos Martín, are not found in the Government agreement.
“The tax proposals agreed with Sumar are in the Government agreement” and none of the initiatives of Yolanda Díaz’s parliamentary group appear in it, said the Minister of Finance.
Sumar explained in the Finance and Public Service commission of Congress held on Thursday that within the framework of the negotiations of the next General State Budgets he will propose separate taxes.
Regarding the distribution tax, Sumar proposes a tax on the food production and distribution chain that acts if excessive profit margins are detected, considered such if they are above those of 2019. Specifically, the rate of The tax would be 1.2% on the net income figure if the difference between business margins between the current year and 2019 exceeds the difference between the margin between 2023 and 2019. The tax would be 0.6% of the figure. of business if the 2024 margin exceeds that prior to the pandemic.
Sumar has the numbers done: the tax on distribution and food companies, in general, would begin to accrue in 2024 and there would be an interim payment in February 2025, while the final settlement would be in July 2025.
The tax on large inheritances proposed by Sumar consists of an extension of the tax on large fortunes in force that has become permanent until a reform of regional financing. Sumar speaks of “fiscal dumping” due to the bonuses to the Heritage tax of some communities, but these autonomies have recovered Heritage to maintain collection in their territory. María Jesús Montero stressed this Friday that “wealth taxation should be thought about in the context of the reform of regional financing.”
In addition, Sumar proposed in the same parliamentary committee an approximation of personal income tax between work income and capital, the elimination of the VAT exemption for private university education, a reduction of this same tax for hairdressers and veterinary establishments and a VAT “super reduced” for diapers and gluten-free products. The Government pact does include “more equal treatment of the taxation of capital and labor income.”
