The Spanish Treasury receives 209 M € until September out of the 850 M € expected for the “Tobin Tax”
During the first nine months of the year, Spain collected 209 million euros under the tax on financial transactions, known as the “Tobin tax”, which represents 24.5% of the 850 million euros expected by the government for the whole year. , that is to say a quarter of the estimate for the whole of 2021, reported the Europa Press agency.
The tax on financial transactions, in force since January 16, 2021, is levied on the acquisition of shares in Spanish companies regardless of the residence of the persons or entities involved in the transaction, provided that these companies have shares admitted to trading on a regulated market and a market capitalization value greater than 1 billion euros.
The first self-assessment of the financial transaction tax, which must be submitted electronically via the Internet to the electronic headquarters of the Agency on a monthly basis, was made between June 10 and 20 of this year.
Quarterly settlement of the “Google tax”
On the other hand, in the first half of the year, Spain received 93 million euros from the first payment of the tax on certain digital services, known as the “Google tax”, out of the 968 million euros expected for this year.
The “Google tax”, which is paid quarterly, is levied on companies whose total annual turnover is at least 750 million euros and whose turnover in Spain exceeds 3 million euros, targeting online advertising services, online intermediation services and the sale of data generated from information provided by the user during their activity or the sale of metadata. If the Treasury initially planned to collect around 1.2 billion euros (before the pandemic), it then lowered it to 968 million euros.
However, last week the governments of Spain, France, Italy, Austria and the UK reached a agreement with the United States on their respective digital taxes which will prevent the entry into force of customs tariffs on imports of products from these European countries which had been approved by Washington in June.
The agreement provides that Spain and the rest of the world will maintain their respective national digital taxes until the entry into force of the first pillar of the agreement on business taxation concluded by the Organization for Economic Co-operation and Development ( OECD) at the request of the G20. This pillar will come into force no later than December 31, 2023.
From 2024, it will be assessed whether the taxes paid by American multinationals concerned by national digital taxes are higher than what they should have paid under pillar 1. If this is the case, Spain and the other European countries will have to pay these companies a tax credit for the difference between the two amounts.