The Biscay Boards approve the tax reform on March 21, 2018


Economy

General meetings

Agencies | Drafting

Rementeria highlights that the ‘balance’ between “competitive” taxation and the ‘collection capacity’ for public services is maintained

The General Meetings of Bizkaia have approved this Wednesday the new fiscal measures agreed by the PNV, the PSE-EE and the PP, which regulates the taxation of European funds and introduces modifications in various taxes, including the Corporation Tax and Personal Income Tax. The reform has been supported by these three groups and the Mixed Group, while EH Bildu and Podemos have voted against.

The general deputy of Bizkaia, Unai Rementeria, stressed that this new fiscal policy manages to maintain “the balance” between an “attractive and competitive” tax system with respect to other territories and the ability to maintain a collection that “guarantees the quality of public services “.

The plenary session of the Biscayan Boards has debated the opinion agreed by the Finance Commission and the 36 partial amendments of EH Bildu, which have been rejected in their entirety. Previously, the Commission had rejected an amendment to all of Podemos.

European funds and various taxes

Specifically, the Chamber has proceeded to the approval of the draft provincial rule that regulates the tax treatment of European investment funds long-term and tax benefits are established for those taxpayers who make contributions to these funds.

In addition, modifications have been agreed to the provincial regulations for taxes on Income of Individuals, upon Heritage the about Societies, among other. Thus, a reduction in the general rate of Corporation Tax is contemplated in two years from the current 28% to 24%, and that of SMEs, from 24% to 20%. Likewise, a series of modifications are introduced in the deductions established so far.

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In taxes on Income of Physical persons and on Wealth, measures are introduced to attract highly qualified workers, as well as to promote entrepreneurial activity, with deductions for private investments in micro-enterprises and SMEs of between 10% and 20%. The percentage of deduction for rent of habitual residence for those under 30 years of age from 25 to 30% and the maximum annual deduction of 2,000 to 2,400 euros.

Group discussion

From the groups that have supported the project, the PNV highlighted the “broad” agreement reached to approve the changes, while the PSE-EE has downplayed the reduction in Corporation Tax because it is not a “relevant” indicator. The PP and the Mixed Group (formed by a single juntero the formerpopular Arturo Aldecoa) have called the reform “positive” because it contributes to “providing stability” to the institutions.

As for the groups against, eh Bildu it has explained that its partial amendments represent “an amendment to the whole” against the reform and has called for a “fairer and more balanced” tax system. We can he has criticized that the “fiscal fix” will diminish the possibilities of growth of the collection and will benefit “to those of always”.




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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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