The new digital and financial taxes come into effect this Saturday

Inside the Madrid Stock Exchange
EP

The new taxes on financial transactions and some services of big technology come into effect this Saturday, although your first settlement will not occur for another three months.

More than two years after their announcement, taxes on financial transactions and certain digital services finally come into force, although doubts persist on whether they will achieve the expected collection and if they could harm investments.

The tax on certain digital services, with which it is expected to raise 968 million this year, taxes some of the income of large technology companies with 3%, those that invoice more than 750 million euros in the world or more than 3 million in Spain. Specifically, the tribute is directed to the revenue earned from online targeted advertising services, online intermediation services and sale of data obtained from information provided by the user.

The Office of the United States Trade Representative has warned this week that this tax – like similar ones adopted in Austria and the United Kingdom – discriminates against American companies, is inconsistent with the principles of international taxation and it restricts trade, so it will evaluate “all possible options”.

The Office justifies these accusations in a report in which, among other issues, it argues that the tax discriminates against US companies because they represent 25 of the 39 companies that according to their calculations will have to pay the tax and criticizes some “complicated localization rules” of the services so that they fit with the Spanish tax jurisdiction.

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Regarding the tax on financial transactions, which expects to enter 850 million, taxes with 0.2% the operations of stocks buyselling of Spanish companies with a market capitalization of more than 1,000 million euros. In fiscal year 2021, investments in companies with more than 1,000 million capitalization On December 16, 2020, a total of 57 companies including Inditex, Iberdrola, Banco Santander, BBVA, Amadeus, Cellnex, Endesa, AENA, Siemens, Naturgy or Telefónica.

These taxes are in line with those negotiated in different international forums and the Government has already shown its intention to adapt them once an agreement is reached, because the objective of “advancing towards the taxation of the 21st century”, according to the Minister of Finance, María Jesús Montero.

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