Monday, December 11, 2023

The PP will use its majority in the Senate to abolish the Inheritance Tax

The PP plans to process a bill that proposes the suppression of the national level of Inheritance and Donation Tax, after some autonomous communities have ended this tax in their territories. This is one of the first initiatives registered by the Senate Party, where they have an absolute majority, taking advantage of the tax reforms carried out by their regional Executives, which lead directly to the end of the Inheritance and Donation Tax.

In this context, Alberto Núñez Feijóo will ensure that they start processing this bill in the Senate, to send it later to Congress and let the parliamentary arithmetic of the Lower House decide whether it is finally approved.

In any case, the ‘popular’ initiative, to which Europa Press has access, directly proposes the suppression of the inheritance and donation tax at the national level, arguing that this tax “less than 1% of the tax revenue“: “Therefore its abolition will not cause any kind of intolerable damage to global income.”

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The PP proposal also includes that The central government makes financial payments to the Autonomous Communities for the elimination of this tax with the amount collected by each regional Executive in the previous fiscal year. To calculate it, the necessary adjustments and corrections will be made to the system resources, so that the amount corresponding to the state payment for the Inheritance and Donation Tax is equal to the value shown in the previous fiscal year, as proposed in PP.

All this will be done while the regional financial system is being reformed.

All regions where steps have been taken

This bill from the ‘popular’ comes after their new autonomous governments The Balearic Islands, La Rioja, the Valencian Community and the Canary Islands have decided to use some tax measures, such as this general bonus of Inheritance and Donation Tax. Other ‘popular’ regions, such as Aragon and Cantabria, chose to lower it.

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These new regional executives of the PP that emerged in 28M followed in this way other autonomous governments, such as those of Isabel Díaz Ayuso, Juanma Moreno and Fernando López Miras, and they decided to end the Inheritance and Donation Tax in advance of several tax measures for next year.

In this context, the president of the Valencian Community, Carlos Mazón, who governs with Vox in the region, assured during his investiture debate that the tax reduction will mark his mandate, starting with the elimination of the Inheritance and Donation Tax. Also the new Balearic president, Marga Prohens, has announced that will provide a 100% discount on Inheritance and Donation Tax for parents to children, grandparents to grandchildren and between spouses, and lowered the Property Transfers rate for the purchase of first homes for young people and people with disabilities.

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The Government of La Rioja will do the same, with the ‘popular’ Gonzalo Capellán at the helm, which eliminates the Inheritance and Gift Tax between parents and children and spouses, something he expects to be the first step in the tax reforms this legislature will try to implement. In the case of the Canary Islands, where the CC and PP are in charge, tax reductions are also applied, which include the Inheritance and Donation Tax bonus and the fuel tax reduction in the green islands.

Nation World News Desk
Nation World News Desk
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