Spain plans temporary wealth tax amid high inflation | ETN | 22.09.2022

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Spain’s left-wing government said it would impose a temporary tax on the richest 1% of the country’s population to help pay for inflation relief.

“We’re talking about millionaires, those who make up the 1% of income,” Finance Minister Maria Jesus Montero told laSexta on Thursday.

She said it was important that “we can fund the aid” to support “the middle class and workers”, but did not provide details on the tax rate or how much it would bring in.

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The government has introduced a range of measures to help people cope with rising prices, such as free public transport, allowances for students to stay in school and subsidized petrol.

The country’s annual inflation rate reached 10.4% in August. It has remained in double digits since June, a level not seen since the mid-1980s.

Spain is already targeting banks and energy companies

In July, the cabinet introduced a bill to introduce a temporary tax on banks and large energy companies.

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“We are going to use a similar arrangement to the one for energy companies and banks. For the next two years … this country’s great fortunes will be asked to make a temporary effort,” Montero said on Thursday.

She has yet to negotiate the plan with her socialist party’s coalition partner, Unidas Podemos, and acknowledged that under parliamentary approval procedures, it may not be ready by early 2023.

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lo/wmr (ETN, Reuters)

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