The new tax on large fortunes will be paid from July 1 to 31

He Temporary solidarity tax of large fortunes It will be paid from July 1 to July 31, according to the Order published this Monday in the Official Gazette approving form 718 of the new tax application.

This completes the last regulatory process of tax introduction, the aim of which is to tax the assets of individuals in the amount of more than three million euros with an additional fee.

This tax is complementary to the wealth tax, which is fully paid by the autonomous communities. So, The amount paid for the wealth tax is deducted from the payment of the solidary tax on large fortunes.

In this way, double payment of taxes for the same heritage and concept is avoided, and at the same time, the new tax guarantees that all great wealth contributes to the maintenance of the welfare state, according to the Ministry of Finance.

With this tax – which will temporarily tax the years 2022 and 2023 to be collected in the two-year period of 2023 and 2024 – the focus is placed on those assets of more than three million euros so they cannot be exempted from regional governments’ wealth tax discounts, as happens, for example, in the Community of Madrid.

The order, with the recommendations and remarks of the State Council, determines the place and method of tax declaration, which will be electronic, as well as the conditions and procedure of the declaration.

The tax rate will be 1.7% for assets between 3 and 5 million euros; 2.1% for assets between 5 and 10 million; and 3.5% for assets over 10 million euros.

The order published today in the BOE allows the implementation of the amount of taxes included in the package of fiscal measures approved by the Government last year to enable a “fairer” distribution of the economic effects resulting from the war in Ukraine.

Therefore, this tax measure for high net worth is complemented by a reduction in personal income tax for income up to €21,000, an amount equivalent to the average salary in Spain, meaning that half of rural workers already benefit from this reduction in income tax.

“In this way, the coherence of the Government’s fiscal policy is maintained, which is based on a fairer and more progressive tax system in which those who have more contribute more, and the middle and working class are protected by strengthening the welfare state,” the Ministry of Finance said in a statement.