The Official State Gazette (BOE) has published this Thursday an Order of the Ministry of Finance by which it will increase by 80% the taxable base on real estate in the taxes of Transmissions, Inheritance, Donations and Patrimony.
A measure whose framework is that of the Law on measures to prevent and fight tax fraud. It stipulates that the tax base is no longer the real value of the property, but its market value.
For this reason, the ministry led by María Jesús Montero has raised the reduction factor from the cadastral reference value from 0.5% to 0.9% for urban and rustic properties In this way, an increase of 80% of the tax base is achieved in the face of the aforementioned taxes.
“With this measure it is guaranteed that the reference value will not exceed the market value. Therefore, when using this indicator as a tax base in the mentioned taxes, there will not be a tax increase,” they point out from the ministry.
The Ministry of Finance has in its forecasts for 2022 review the value of around 825,000 properties. This is 325,000 more than in 2021. At the same time, there will be a cut of half of the tax deductions for companies that own rental housing (from 85% to 40%) on the Corporation tax.
Map of values
The Ministry of Finance and Public Function has published today the maps of values corresponding to the reports of the urban and rustic real estate market of 2021. It is the first step in determining the reference values of properties.
New indicators that will constitute, as of January 1, 2022, the tax base of the tax on Patrimonial Transmissions and Documented Legal Acts and the tax on Inheritance and Donations, substituting the real value as the basis for these taxes. The changes will begin to take effect on the operations carried out from the next fiscal year. They will not be retroactive.
The value maps represent the average behavior of the prices of the sales of the properties reported by the public notaries. That is, they determine the average value in an area, which does not have to coincide with a neighborhood or a district.
What is intended is give transparency to the analysis of the prices communicated in the real estate sales carried out. And the difference between urban properties (residential and garage-parking use) and rustic properties (representative crops).
In the case of urban real estate, the General Directorate of the Land Registry will calculate the reference value of a specific property taking into account various criteria: quality, age and state of conservation between this property and the representative real estate product to which the average value module refers. For this, the cadastral valuation regulations will be used temporarily.
In the case of rustic properties without construction, the reference value will be calculated from the average value module, depending on its characteristics, and the corrective factors by location, agronomic and socioeconomic that are determined in the annual report of the real estate market. correspondent.
According to the General State Budgets (PGE) presented for 2022 by María Jesús Montero, her department plans to raise 232,352 million euros. This is 8.1% more than what was initially stipulated for 2021.
Specifically, and for direct taxes, the forecast is 127,426 million euros. This is 7.2%. The percentage will be higher, specifically 9%, in the case of indirect tax revenue. The expected amount, if any, is 102,767 million euros.
According to the PGE 2022, the income tax collection will be 100,132 million euros. 6.7% more than in 2021. In the case of Corporation Tax, the figure is 24,477 million (11.8% more). For Value Added Tax (VAT), the estimated amount is 75,651 million euros (9.5% higher).
The Government, likewise, plans to collect 400 million euros for the establishment of the minimum rate of 15% for large companies. While for those known as Special Taxes, 21,843 million will be collected, 8.2% more.