The temporary Solidarity High Net Worth Tax and certain changes to the Wealth Tax are approved

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 was achieved through the inclusion of a series of amendments to the Draft Law establishing temporary energy levies and levies on credit institutions and financial credit establishments (the “Draft Law”), through which the Government proposed the introduction of a new tax to supplement the Wealth Tax (“WT”) which exists at a state level and is not subject to transfer to the Autonomous Communities, called the Solidarity High Net Worth Tax (“SHNWT”), as well as an amendment of the Wealth Tax regulations concerning non-residents who hold shares in companies with a real estate component (the “Amendment”).

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