The Balearic Islands become the autonomous community with the lowest inheritance tax in Spain. The Government of Marga Prohens has abolished the payment of this tax between grandparents, parents and spouses and has approved a 50% reduction for inheritances between brothers, uncles and nephews in the event that they do not have children. The estimated saving is about 60 million euros.
The new president has met this Tuesday the Government in an extraordinary way to approve, also, the elimination of the property transfer tax for those under 30 years of age and the disabled who buy their first home. The norm affects the sale of houses of up to 260,000 euros, but the figure can reach up to 350,000 euros in those areas of the Balearic Islands with stressed house prices. The savings will be 15 million in this case
The suppression of the inheritance tax was one of the promises with which Marga Prohens won the last elections. It is a commitment that also appears in the programmatic agreement signed with Vox, which made it easier for the ultranationalist party to abstain so that Prohens was president. In the Balearic Islands, Vox has not entered the Government and gives external support to the PP with the commitment to approve the budgets every year.
“We are already late and that is why we urgently approve it”, said the president of the Government to justify that the measure is approved through a decree law that must be validated by the Balearic Parliament. “It is a matter of justice with those who have worked all their lives and I thank them with pride and satisfaction for their work, their effort and for thinking about the future”, Prohens stressed.
“We will be the region with the lowest tax in all of Spain: more than in Madrid and Andalusia”, highlighted Prohens. The Balearic president has announced that this is the first measure of the tax reduction plan, but other reductions will be approved in the legislature, such as the suppression of the wealth tax once the tax on large fortunes is annulled. “We have been saying for some time that it is time to lower taxes and we comply with our word,” Prohens replied.
He has denied that it is a measure designed to favor the rich, as the opposition parties in the Balearic Islands claim. “The beneficiaries are all citizens because this is an unfair tax,” he said. “Whoever wants to have a debate between rich and poor has not understood anything about the idiosyncrasy of the Islands. It has been a clamor, not from the rich, but from the middle income, that it was time to think about the middle classes”, has pointed out.
