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No Wealth Tax - For the Moment

Thu 1st Sep 2011

In an interview earlier today the PSOE candidate for the Spanish general elections in november confirmed that the issue of reviving wealth tax was not on the agenda for discussion by the cabinet.

He also confirmed that there was no window of time in which to introduce a new, similar tax before the dissolution of parliament ahead of the election.

The PSOE Government abandoned wealth tax iin 2007 in an attempt to boost the economy. The tax, which took a share of residents' assets at rates of between 0.2 and 2.5% each year, only generated revenue for the treasury of around 2.1bn each year, of which only 1 million people only ever contributed, suggesting tax avoidance by many citizens on a significant scale.

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