The settlement of the new tax on financial transactions, known as ‘Tobin tax’, will start on February 22, 2021 and it will take place on a monthly basis around the 20th of each month, according to the taxpayer’s calendar for 2021 published by the Tax Agency and collected by Europa Press.
In this way, on February 22, the tax corresponding to January will be settled and so on every month of the year until the end of the year, since its settlement will be monthly.
In turn, the liquidation of the new tax on certain digital services, known as ‘Google rate’, will start next April 30 on the period corresponding to the first quarter of the year, since the payment of this tax will be quarterly. The second quarter will be settled on August 2 and the third quarter, on November 2, which means that for the fourth quarter we will have to wait for the first months of 2022.
Both taxes, which They will come into force on January 1, 2021, will contribute to the public coffers, according to government estimates, about 1,800 million euros.
Specifically, with the ‘Tobin tax’ the Government plans to raise 850 million euros annually, by taxing with 0.2% the operations of acquisition of shares issued in Spain of listed companies whose market capitalization is greater than 1,000 million euros. The purchase of shares of SMEs and unlisted companies will not be taxed.
For its part, the ‘Google Rate’ will tax those companies with total annual income of at least 750 million euros and with revenues in Spain of more than 3 million euros, targeting online advertising services, online intermediation services and the sale of data generated from information provided by the user during their activity or the sale of metadata.
Although the Treasury had planned an initial collection of about 1,200 million euros (before the pandemic), it later lowered it to 968 million.
Regarding the ‘Google rate’, the Government assures that the norm will have “transitory character” until a global or European regulation is approved within the framework of the OECD or the G20, something that has not been achieved so far.
In addition, the processing of this new tax has occurred amid threats from the United States to Spain, France, the United Kingdom and Italy about retaliation with new tariffs on these digital taxes, even setting tariffs on France, which suspended the application of the tribute for the sake of negotiating an international figure, but one that has already announced that it is going to reimpose in the absence of an agreement.
The President of the European Commission, Ursula von der Leyen, recently assured that no effort is spared to reach an agreement on the ‘Google’ rate within the framework of the OECD or the G20, but clarified that if an international agreement is not reached this year, the EU will approve its own proposal in early 2021.