Spain plans to introduce a temporary tax on large fortunes for two years from 2023

Spain plans to introduce a temporary tax on large fortunes for two years from 2023

MADRID (Reuters) – The Spanish government wants to tax the richest 1 percent of Spaniards for two years from 2023, Budget Minister Maria Jesus Monteiro said on Thursday as a way to supplement taxes on energy companies and banks amid rising inflation.

She said she was negotiating with the coalition’s junior partner, the leftist Unidas Podemos, who had this initiative in his electoral platform.

She gave no details of the tax rate or how much he was hoping to raise, telling laSexta TV only that “we’re talking about millionaires, who are 1% of income.”

Monteiro said the tax should be in place next year, but acknowledged that parliamentary approval procedures mean it may not be ready by the start of 2023.

“We will use a scheme similar to that for energy companies and banks. Over the next two years…the great fortunes of this country will be required to make a temporary effort,” she said.

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