June 22th, 2024 | 5:22


The Provincial Treasury of Bizkaia will tax large fortunes from €3,2 million

Laura Rangel Ybarra

October 6, 2023 | 6:28 am

The provincial estates of Bizkaia, Gipuzkoa and Álava have decided to take tax measures aimed at large fortunes. From now on, those net assets that exceed 3,2 million euros will be subject to a new temporary tax, called the Temporary Solidarity Tax on Large Fortunes (ITSGF).

Structure of the New Tax

The ITSGF has been structured so that:

  • Fortunes up to 6,4 million: They will face a fee of 48.000 euros and a tax rate of 1,75%.
  • Fortunes up to 12,8 million: They must pay a fee of 160.000 euros and a rate of 2%.
  • Fortunes up to 16 million: A fee of 224.000 euros and a rate of 3,5% will be applied to them.

Public Exhibition Procedure

The three councils have begun the process of public presentation of the new tax. This act marks the beginning of the implementation of the ITSGF, which will act as a complement to the already existing wealth tax. The details of the draft provincial regulation are now available on the web portals of the respective councils.

Coordination and Harmonization

Bizkaia, Gipuzkoa and Álava They have worked together to prepare the draft regulations for this tax. This measure was initially approved at the state level by the Government of Pedro Sánchez. Later, after an agreement between the Spanish and Basque executives, it was included in the Economic Agreement.

Objective of the New Tax

The draft bill proposes this tax as a complement to the wealth tax. Its objective is to tax the net worth of those individuals who own more than 3,2 million euros. A base rate of 1,5% is established, which will increase depending on the volume of assets.

Conclusion: The measures adopted by the provincial treasuries of Bizkaia, Gipuzkoa and Álava reflect an effort to guarantee greater tax equity. These actions, aimed at large fortunes, seek to ensure a fairer distribution of the tax burden, while generating additional resources that can be reinvested for the benefit of Basque society.

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