The Government presents the amendments introducing the temporary Solidarity High Net Worth Tax and certain changes to the Wealth Tax

On 29 September 2022, the Government presented its Fiscal Measures plan with the aim of ensuring “social justice and economic efficiency”. The plan presented by the Minister of Finance and Public Administration sought to move towards a “fairer” tax system with an increase in contributions from wealthy individuals and large companies.

This plan has been achieved through the inclusion of a series of amendments (the “Amendment”) to the Draft Law establishing temporary energy levies and levies on credit institutions and financial credit establishments (the “Draft Law”). Regarding this briefing on wealth taxation, the Government proposes the introduction of a new tax to supplement the Wealth Tax (“WT”). This new tax, which exists at state level and is not subject to transfer to the Autonomous Communities, is called the Solidarity High Net Worth Tax (“SHNWT”). The Government has also proposed the amendment of the Wealth Tax regulations concerning non-residents who hold shares in companies with a real estate element.

The entire content of the Legal Briefing can be found in the PDF.