Blogging from the Murcia region of Spain until early June, when I return to
the Highlands of Scotland for a few months

'Fair and softly goes far' - Miguel de Cervantes

Thursday, 15 September 2011

Spain likely to re-introduce 'Wealth Tax' in 2011-2012

Although not absolutely certain yet, a proposal to reintroduce a 'Wealth Tax' for the 2011-2012 tax years is reported to be going to the weekly cabinet meeting on Friday; the tax was abolished in 2008. The measure is being considered as a way of showing the markets that Spain is capable of meeting its ambitious deficit-reduction targets. Likely to affect 160,000 people it is projected to generate about €1.8bn of additional revenue for the government, with the tax becoming payable during 2012 and 2013.

Homes upto a value of €300,000 will be exempt, with other assets upto €700,000 also being exempt.

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