Last Friday, January 18, the Council of Ministers approved the draft laws on the digital tax and to the financial transactions and another regarding fight against tax fraud which transposes the Anti-Circumvention Directive.
Among these measures, we highlight the calls «Google Rate» and «Tobin Tax», which focus on the area of digital operations and financial transactions, In this article you will be able to see in summary the key points of each of them:
With this series of tax reforms, the Treasury plans to raise just over 2,000 million euros already contemplated in the budget project for 2019.
Google Rate
On the one hand, the tax on certain digital services The Google tax aims to tax digital economy operations, which are currently not taxed, carried out by large technology multinationals.
- A type of 3% is established to income generated by targeted online advertising services, online intermediation services and the sale of data obtained from information provided by the user.
- It affects companies with global annual revenues of at least 750 million of euros and income in Spain of more than 3 million, so it will not affect SMEs or start-ups.
- Electronic commerce is exempt which involves the sale of goods or services contracted directly to the supplier, without an intermediary.
- Will be settled quarterly and the accrual will occur for each provision of services subject to the tax.
Tobin Rate
On the other hand, the project Financial Transaction Tax Law or Tobin tax, taxes the purchase of shares of large Spanish companies. With it it is expected to raise 850 million euros. These are its key aspects:
- The tax will be levied at 0.2% the purchase and sale operations of shares of Spanish companies with a market capitalization of more than 1,000 million euros.
- The Ministry of Finance will publish annually, before December 31, the list of companies whose shares are subject to tax each year and which will be those that exceed 1,000 million capitalization as of December 1 of the previous year.
- The financial intermediary will be in charge of settling the tax, regardless of whether it acts on its own account or on behalf of third parties and without taking into account the residence of the people or entities involved in the operation.
- The tax base of the tax is the amount of the consideration, not including other associated expenses.
- IPOs will not be subject to the tax, business restructuring, operations between companies in the same group or temporary assignments.
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