New year , new life. All our hopes are pinned on the next year: we hope that the vaccine will end thecoronavirus health pandemic , that the economy will begin to rebound and that we will be able to recover our normality; the same.
However, you have to be realistic and know that in 2021 your pocket will be affected by the tax increase announced by the central government. As of 2021, VAT on sugary drinks will go from 10 to 21%; the tax on insurance policies goes from 6 to 8% and that on gas oil from 30.7 to 34.5 cents per liter.
And it is that, in the General State Budgets approved for the year that is about to enter there aretax increases that affect ordinary citizens, such as the tax on hydrocarbons on diesel, the increase in the tax on insurance premiums or the increase in VAT on sugary drinks. Only with the increase in sugary and sweetened beverages , the Government plans to collect some 340 million euros.
Insurance policies rise
One of the sectors affected by the 2021 tax increase will be insurance . The tax on insurance premiums will go from 6 to 8%. From the independent coordinator of insurance associations, its president Carlos Lluch assures that it will have an impact on an increase in the prices of policies. Lluch stated that “the problem is that if we don’t have money or insurance, there will be serious problems. The contracting of insurance has fallen in some areas but the collection in the case of health insurance has increased by 5% compared to a year ago”.
Who is affected by the increase in Income
The number of taxpayers affected by the increase in Income Tax is limited : according to the statistics of the Tax Agency, there will be more than 100,000 filers, 0.5% of the total (20 .6 million), which are those that register returns above 150,000 euros.
With regard to Corporation Tax, aMinimum rate of 15% for Socimi (companies that have real estate assets for rent), until now exempt from this tax. In addition, the exemption on dividends and capital gains in subsidiaries will be limited to 95%.
To protect small and medium-sized companies , for three years, companies with a turnover of less than 40 million euros may continue to apply the 100% exemption. According to the Treasury , the measure will affect 1,739 companies, that is, 0.12% of the total Spanish productive fabric .