Treasury postpones new Tobin tax self-assessment model, which affects 52 Spanish companies

MonteroMaría Jesús Montero, Finance Minister

Banca March | The Ministry of Finance has postponed the new Tobin tax self-assessment model. Instead of coming into force on September 1, the proposed date is January 1, 2024. The tax in question refers to the tax on financial transactions that was introduced on January 16, 2021 and whose modifications are postponed until next year. The reason for the postponement is that the Community of Navarre and the Basque Country are yet to adapt the model correctly.

The tax rate on the taxable base is 0.2% and the taxable persons are investors who wish to acquire securities of those companies that issue shares in the Spanish market with a capitalisation of more than €1,000 million. The Tax Agency publishes the list of these companies on December 1 each year, currently comprising 52 companies.

In 2021, the collection was €295 million (although the government had expected revenues of €850 million) and in 2022 it was €296 million if the amounts corresponding to Navarre and the Basque Country are included. The State Budget estimates foresee a total collection of €335 million for this year 2023.

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