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Blow to the fiscal incentives of the plans of pensions in the middle of the country
Effect is `collateral' of an uncoordinated autonomic fiscal competition: Ten regions trim the taxation of the inheritances creating a favorable regime to the investment funds against the retirement complements. The abierta fiscal battle between the independent communities has ended up having unexpected and deep consequences. The lack of forecast of the last legal reform to patch the problems derived from the different regional modifications in the matter of the Tax from Successions and Donaciones (ISD), and the refusal of the Government to agree to in this legislature a coordinated reform of the autonomic financing has already become one of the main threats to the system of plans of pensions. Madrid, La Rioja, Murcia, Castile and Leon, Valencian Community, the Balearics and Cantabria, initially, and the Canary Islands, Aragon and Castille-La Mancha, in one second phase, have eliminated or or they are in phase of cut of the fiscal payments by the inheritances (Imposed of Successions) in the familiar scope. And this measurement has brought about a strong discrimination in favor of the investment funds and plan of pensions. Something that is especially burdens if it considers that Spain appears like one of the countries with greater risk of aging of the great European economies and with greater risk of impact of this tendency in the future sustainability of its system of payment of pensions. A study made by the fiscal expert and responsible maximum for the office that takes its name, Antonio Durán-Sindreu, emphasizes that if the passed away person has invested her savings in plans of pensions, when being realized the succession, the heir it sees forced to pay as rents of the work by the amount of the perceived thing, paying until a 43% in the PERSONAL INCOME TAX. Nevertheless, the fiscal expert explains that if, on the contrary the chosen product is a investment fund, the heir will only pay when he eliminates his participation at heart and, in addition will do, it to the fixed type to 18% in the PERSONAL INCOME TAX and only by the capital gains, not by the rest of the money, since he is free of the Tax of Successions in the communities that have eliminated east tribute. Durán-Sindreu clarifies that when “a contributor who realizes a contribution to a plan of pensions, defers his taxation in the PERSONAL INCOME TAX until the contingency takes place” and “if the contingency that covers is the death”, its amount, in spite of “that is free of the Tax of Successions (…) when yielding the benefit, this one pays like yield of the work”. Increasing problem Until now this problem did not have importance because the investment funds yes paid the Tax of Successions, but to the being eliminated in certain regions, this instrument of saving has been clear privileged. Thus, for example, if a contributor receives like inheritance 200,000 Euros of a plan of pensions, it will pay in the PERSONAL INCOME TAX in agreement with his marginal type, that can arrive at 43%; that is to say, it would pay 86,000 Euros. However, if what receives is a investment fund with a liquidativo value of 200,000 Euros (of which 50,000 were the generated capital gain), practically nothing in the autonomies would pay that have reformed the ISD, and, then, in the PERSONAL INCOME TAX, the new unique type for the rents of the saving would be taxed with a 18% -, but only by the obtained yield; that is to say, it would pay 9,000 Euros. They are, according to Durán-Sindreu, the “effects collaterals” of the autonomic fiscal competition, that has caused that “the state tributary system loses cohesion when eroding the purpose by which at the time certain legislative measures were adopted”. That is to say, the autonomies have altered, possibly without seting out it, “the purpose or intention of the legislator when designing the fiscality of the plans of pensions, losing these the attractive public prosecutor for which they were conceived”, concludes the fiscal expert. The new PERSONAL INCOME TAX does not finish convincing investors One of the discussed measures more of the last reform of the PERSONAL INCOME TAX was the modification of the fiscal treatment of the plans of pensions. The new law fit the limits of the contributions that can be deduced in the tax by this concept. Thus, from the 1 of January of 2007, they are possible to be remained in the base of the PERSONAL INCOME TAX to 10,000 Euros of the money destined to complement the pension; the majors of 50 years, can be deduced 12,500 Euros. But with the previous regulation, as of the 52 years, the limit was increasing with the age, until reaching the 24,250 Euros; and, in addition, the contributions in favor of the spouse, and those could be accumulated that the company possibly realized. All this remarkably elevated the possibilities of deduction of the plans of pensions. And the brought about fiscal cut with the reform has noticed in the sector: the last year, the bottoms of pensions experimented, as much in their volume of patrimony, like in their the lowest number of contributor, growth of their history, around the five percent. The investment funds (whose capital gains pay from 2007 to 18%, against previous 15%) did not have a good exercise either, in spite of the good stock-exchange year. Here negative rates were registered, of the order of 6%, as much in contributor as in patrimony managed, that was placed in levels of three years ago. (The extracted News of Expansion)
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