The inheritance and gift tax is a direct tax that the person receiving an inheritance or donation must pay during their lifetime.
Matilde Asián considers that the Inheritance and Donation Tax, as it was conceived, represents an unjustified superimposition on income because it has already been taxed when it is obtained and when it is saved.
In a Community with a tax regime with favorable taxation, this disadvantage is not sustained compared to other regions that enjoy the bonus.
The Government of the Canary Islands has agreed today in the Government Council, at the proposal of the Ministry of Finance and European Affairs, chaired by Matilde Asián, to modify the tax rate of the Inheritance and Donation Tax and reduce it by 99,9%, returning it to the situation as of December 31, 2019.
Asián considers that this tax, as it was conceived in recent years, represents an unjustified superimposition on Income because it has been taxed when it is obtained, and on Assets, as it is taxed when it is saved. Furthermore, in his opinion, it does not make sense that in a Community like the Canary Islands, which has a tax regime with favorable taxation, we Canary Islanders have to pay more for this concept than in other Spanish regions that do have the subsidized tax.
The measure would implement the provisions of the Government Pact through the agreement to improve the quality of life and modernization of the Canary Islands, which establishes the application of a fair, progressive and balanced tax policy that seeks, as a fundamental objective, to alleviate the fiscal pressure of the taxpayer and provide liquidity to citizens in a context of high inflation. In addition, families' savings would be reinforced and, with this, they could make the economic decisions they consider appropriate that could relaunch the economy as a whole.
This regulatory change is intended precisely to protect medium and low incomes that, fundamentally, are derived from work income. According to data from the General Council of Notaries, in 2022 some 2.000 Canarians rejected the assets that came to them through inheritances from ascendants or relatives, breaking a record that places the Autonomous Community among the regions with the highest percentage of heirs who decline the due succession. , mainly, to the costs that acceptance entails. To this we must add the excessive fiscal costs involved in carrying out tax planning to transmit assets through inheritance (inheritance) or inter vivos for profit (donations).
It is also about alleviating, to the extent possible, the strong increase in direct taxation represented by the increase that has occurred in the reference values of real estate after the rule that came into force on July 1, 2021. .
With this regulatory change in the Inheritance and Donation Tax, we align ourselves with the regions that have greater economic dynamism.
