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SPANISH WEALTH TAX IS BACK WITH A VENGEANCE

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Spanish Property / 2011-09-30 13:25:02

Spanish Wealth Tax has returned only three years after it was ammended by the Spanish Government.

The move comes as no surprise as the Spanish Treasury searches for new ways to increase revenue in order to cut the public deficit and try to restore financial stability throughout the country.

On 01 January 2008, three years ago, the Spanish Treasury established a tax credit of 100% of the tax and removed the obligation for individuals to declare their wealth. And now, on the 15 September 2011, they have announced that the wealth tax would be reinstated in Spain in an effort to "reinforce budget stability". On the 16 September 2011 the Government approved the real-decree law which Zapatero had previously argued was unfair on middle-class savers.

Zapatero announced earlier this year that he would not be standing for re-election in Spain's election to be held this year. Subsequently, it is thought that Alfredo Perez Rubalcaba, the main candidate for Spain's Socialist Part, the PSOE, has been urging Zapatero to reintroduce the tax.

Tags: Propertyportal, Spanishproperty, Spanishwealthtax