Treasury delays the new self-assessment model of the 'Tobin' rate until 2024

MADRID, 30 Ago. (EUROPA PRESS) -

The Ministry of Finance and Public Function has published an Order to delay until January 1, 2024 the entry into force of the new self-assessment model of the Tax on Financial Transactions, also known as the 'Tobin tax'.

This is a tax that is applied to 0.2% of the acquisition operations of shares issued in Spain of listed companies as long as their market capitalization is greater than 1,000 million euros.

The department headed by María Jesús Montero alleges "supervening technical circumstances" to justify the delay of the model, which was previously scheduled for September 1 of this year. In addition, the extension also seeks to "guarantee the correct levy of the tax by all the Administrations involved", as stated in the Official State Gazette (BOE) this Wednesday.

With all this, the model by which the taxpayer must pay taxes on his financial transactions will enter into force on January 1 of next year and will affect those operations initiated from the same date.

The tribute raised 295.7 million euros in 2021, barely 35% of the initial forecasts, which pointed to a collection of 850 million in that year. As regards 2022, the tax collected 195.9 million for public coffers, which implies a drop of 33.8% compared to the previous year and half of the Government's forecasts.

The 'Tobin' tax was approved in 2020 together with another tax on Certain Digital Services, known as the 'Google tax', and which raised almost 280 million euros in 2022, 23% more than expected in the Budgets. Even so, these figures are far from the 1,200 million expected at the time of approval of the taxes.

The Government explained that these taxes came to modernize the Spanish tax system to make it "fairer, more progressive and redistributive" and were intended to "respond to new realities" and new businesses derived from the digital world.