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Date Published: 16/11/2022
ARCHIVED - Murcia Region eliminates wealth tax in 2023
The tax break will save the wealthiest in Murcia around 27 million euros
In a bold move, the regional president of Murcia has announced that he plans to abolish the so-called Wealth Tax next year, saving 4,500 Murcianos on the highest income levels an estimated 27 million euros.
For those whose finances don’t rate in the millions, President Fernando López Miras has also confirmed that the general budgets for the Region, which will reach a historic high of 5.94 billion, will be published in the coming days, and the main focus will be on tax cuts.
To this end, the president aims to support business owners: "Without anyone putting limits on us. We cannot be condemned to maintain or raise taxes with the justification that we are the worst financed," he claimed, while also calling for a reform of the regional financing system to "stop mistreating the citizens of the Murcia region."
The repeal of the Wealth Tax will reportedly result in savings for those earning more than 700,000 euros per year, affecting around 4,454 taxpayers.
The break obviously impacts a minority of Murcianos: those who hold more than 700,000 euros in assets, be it through property, bank accounts or shares. The taxpayer’s residence, as long as it doesn’t exceed 300,000 euros, isn’t included in the calculation, nor are assets that are considered national heritage or of cultural interest.
According to data from the Treasury, in 2019 the Wealth Tax affected only some 210,000 taxpayers from all over Spain, of whom half had their residence in Catalonia and Madrid.
This past September the regional president vowed to examine the abolition of the tax after learning that Andalucia already planned to take this step.
"We will use the extraordinary collection of the Treasury this year to return it to the citizens with tax cuts," López Miras said recently.
Image: Pixabay
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