The government have started robbing us direct from our bank accounts
Jul 10th 2014, 9:54 am
#1
BE Enthusiast
Thread Starter
Joined: Mar 2006
Posts: 827
The government have started robbing us direct from our bank accounts
Spain Issues Retroactive 0.03% Tax on Bank Deposits to "Boost Economic Growth and Job Creation"
El Gobierno establece un impuesto del 0,03% para los dep�sitos bancarios - Libre Mercado
A google translation:
The government approved on Friday a decree-law that economic momentum fixed 0.03% tax on bank deposits in the whole of Spain, with a tribute that had some autonomous communities and the Executive spread throughout the Spanish territory in 2013 , but until now had a rate of 0%.
The announcement was the Deputy Prime Minister Soraya Saenz de Santamaria, following the meeting of the Council of Ministers , which has given the green light to this Decree and other standards for economic, according to the minister, boost economic growth and job creation.
The government introduced the bill in the State Budget for 2013 a tax on bank deposits to zero to clear those dues in the three communities that were implemented (Extremadura, Andalusia and the Canary Islands), and later announced that it would establish a type very small in the whole of Spain to compensate for the collection of these three regions, levy had not noticed until this Friday.
According to the Government, the creation of the new state tax, you must pay financial institutions, intended that banks receive deposits from a homogeneous tax treatment and the financial system does not lose efficiency. The aim is therefore "promote and ensure" market unit, according to the executive.
El Gobierno establece un impuesto del 0,03% para los dep�sitos bancarios - Libre Mercado
A google translation:
The government approved on Friday a decree-law that economic momentum fixed 0.03% tax on bank deposits in the whole of Spain, with a tribute that had some autonomous communities and the Executive spread throughout the Spanish territory in 2013 , but until now had a rate of 0%.
The announcement was the Deputy Prime Minister Soraya Saenz de Santamaria, following the meeting of the Council of Ministers , which has given the green light to this Decree and other standards for economic, according to the minister, boost economic growth and job creation.
The government introduced the bill in the State Budget for 2013 a tax on bank deposits to zero to clear those dues in the three communities that were implemented (Extremadura, Andalusia and the Canary Islands), and later announced that it would establish a type very small in the whole of Spain to compensate for the collection of these three regions, levy had not noticed until this Friday.
According to the Government, the creation of the new state tax, you must pay financial institutions, intended that banks receive deposits from a homogeneous tax treatment and the financial system does not lose efficiency. The aim is therefore "promote and ensure" market unit, according to the executive.
Jul 10th 2014, 10:06 am
#2
Joined: Jun 2006
Location: Granada Costa
Posts: 10,899
Re: The government have started robbing us direct from our bank accounts
That's the huge sum of 30 centimos for every €1000 balance.
It's sad that they think they have to do that, but I won't lose any sleep over 30 cents. The bank regularly takes a lot more than that for no good reason!
Now, if they lowered the fairly generous wealth tax allowances we would be in much more trouble!
If you read the whole article you will see that they have reduced the maximum charges that are levied on credit card transaction which will probably have a more positive effect on the consumer and will offset any taxes on balances.
It's sad that they think they have to do that, but I won't lose any sleep over 30 cents. The bank regularly takes a lot more than that for no good reason!
Now, if they lowered the fairly generous wealth tax allowances we would be in much more trouble!
If you read the whole article you will see that they have reduced the maximum charges that are levied on credit card transaction which will probably have a more positive effect on the consumer and will offset any taxes on balances.
Last edited by Fred James; Jul 10th 2014 at 10:09 am.
Jul 10th 2014, 10:08 am
#3
Retired and loving it!
Joined: Sep 2007
Location: Ontinyent - Valencia region (campo)
Posts: 5,160
Re: The government have started robbing us direct from our bank accounts
.... it's also the bank deposits so the bank pays this tax.
As I understand the new rule (having translated it myself), it is NOT private investors who pay the tax on credit balances but the banks on their deposits.
Any one else actually read the new ruling and agree with me?
As I understand the new rule (having translated it myself), it is NOT private investors who pay the tax on credit balances but the banks on their deposits.
Any one else actually read the new ruling and agree with me?
Jul 10th 2014, 10:22 am
#4
BE Enthusiast
Thread Starter
Joined: Mar 2006
Posts: 827
Re: The government have started robbing us direct from our bank accounts
That's the huge sum of 30 centimos for every €1000 balance.
It's sad that they think they have to do that, but I won't lose any sleep over 30 cents. The bank regularly takes a lot more than that for no good reason!
Now, if they lowered the fairly generous wealth tax allowances we would be in much more trouble!
If you read the whole article you will see that they have reduced the maximum charges that are levied on credit card transaction which will probably have a more positive effect on the consumer and will offset any taxes on balances.
It's sad that they think they have to do that, but I won't lose any sleep over 30 cents. The bank regularly takes a lot more than that for no good reason!
Now, if they lowered the fairly generous wealth tax allowances we would be in much more trouble!
If you read the whole article you will see that they have reduced the maximum charges that are levied on credit card transaction which will probably have a more positive effect on the consumer and will offset any taxes on balances.
They've set a precedent. What's to stop that figure being set at 10%?
And it's retroactive. No chance of doing anything to avoid it.
Last edited by billgates; Jul 10th 2014 at 10:23 am. Reason: spelling
Jul 10th 2014, 10:42 am
#5
Joined: Jun 2006
Location: Granada Costa
Posts: 10,899
Re: The government have started robbing us direct from our bank accounts
It is not really clearly stated - it just mentions bank deposits. However, there is one sentence towards the end that implies it is a tax on the Bank's deposits.
"impuesto estatal, que lo deben pagar las entidades financieras,"
No doubt the banks will pass it on to the customer in higher fees and lower savings rates.
"impuesto estatal, que lo deben pagar las entidades financieras,"
No doubt the banks will pass it on to the customer in higher fees and lower savings rates.
Jul 10th 2014, 12:23 pm
#6
Lost in BE Cyberspace
Joined: Jun 2005
Location: Puente Esuri
Posts: 6,903
Re: The government have started robbing us direct from our bank accounts
Spain Issues Retroactive 0.03% Tax on Bank Deposits to "Boost Economic Growth and Job Creation"
El Gobierno establece un impuesto del 0,03% para los dep�sitos bancarios - Libre Mercado
A google translation:
The government approved on Friday a decree-law that economic momentum fixed 0.03% tax on bank deposits in the whole of Spain, with a tribute that had some autonomous communities and the Executive spread throughout the Spanish territory in 2013 , but until now had a rate of 0%.
The announcement was the Deputy Prime Minister Soraya Saenz de Santamaria, following the meeting of the Council of Ministers , which has given the green light to this Decree and other standards for economic, according to the minister, boost economic growth and job creation.
El Gobierno establece un impuesto del 0,03% para los dep�sitos bancarios - Libre Mercado
A google translation:
The government approved on Friday a decree-law that economic momentum fixed 0.03% tax on bank deposits in the whole of Spain, with a tribute that had some autonomous communities and the Executive spread throughout the Spanish territory in 2013 , but until now had a rate of 0%.
The announcement was the Deputy Prime Minister Soraya Saenz de Santamaria, following the meeting of the Council of Ministers , which has given the green light to this Decree and other standards for economic, according to the minister, boost economic growth and job creation.
Last edited by EsuriJohn; Jul 10th 2014 at 12:29 pm.
Jul 10th 2014, 12:50 pm
#7
Forum Regular
Joined: Sep 2012
Posts: 246
Re: The government have started robbing us direct from our bank accounts
My understanding is that it is the banks that will pay this tax, but of course it will be passed on. The money raised will go to the autonomous regions, apparently local politicians complained that as they longer control the savings banks they have lost a source of finance. I assume they meant the region and not them personally.
Jul 10th 2014, 4:36 pm
#8
Joined: Jun 2006
Location: Granada Costa
Posts: 10,899
Re: The government have started robbing us direct from our bank accounts
Well, at least they have promised to reduce income tax significantly next year!
Jul 10th 2014, 4:52 pm
#9
BE Enthusiast
Joined: Jun 2013
Posts: 990
Re: The government have started robbing us direct from our bank accounts
Yes but as they will be taking Govnt pensions into account now, when working out the tax base, and also bearing in mind the exchange rate, will much difference be noticed?
Jul 10th 2014, 6:07 pm
#10
BE Enthusiast
Thread Starter
Joined: Mar 2006
Posts: 827
Re: The government have started robbing us direct from our bank accounts
It doesn't stop with Spain either.....
Germany Blesses "Bail-In" Deposit Confiscation Plan For Failing EU Banks | Zero Hedge
Just don't keep any money in your bank account.
Germany Blesses "Bail-In" Deposit Confiscation Plan For Failing EU Banks | Zero Hedge
Just don't keep any money in your bank account.
Last edited by billgates; Jul 10th 2014 at 6:08 pm. Reason: .
Jul 10th 2014, 6:20 pm
#11
Banned
Joined: Feb 2011
Location: Mallorca
Posts: 19,367
Re: The government have started robbing us direct from our bank accounts
Long before hearing about any of this, we installed a (quite serious) safe in an unlikely, hard to find place. The mattress was only slightly more secure than leaving it in view of bureaucrats.
Jul 10th 2014, 6:48 pm
#12
Joined: Jun 2006
Location: Granada Costa
Posts: 10,899
Re: The government have started robbing us direct from our bank accounts
The reduction in the tax rates which the government has proposed will reduce the increase, but the actual amount of tax paid may go up or down depending on your personal circumstances and income.
Jul 10th 2014, 6:59 pm
#13
Lost in BE Cyberspace
Joined: May 2009
Location: Alicante province
Posts: 5,753
Re: The government have started robbing us direct from our bank accounts
I panicked a couple of years ago in Spain, mainly because of that diabolical modelo 720, and moved my tax affairs back to the UK. It was quite difficult but I’m now officially back in the UK and pay my taxes there. I still spend some considerable time in Spain each year but my presence doesn’t trouble anyone and nobody is counting the days, and I don’t.
It shouldn’t have to be that way, tens of thousands of fellow British expats are hiding in plain sight because of daft Spanish bureaucracy they themselves don’t want but are unable to stop because of a faulty system.
Those tens of thousands of British expats are honest people who don’t want to cheat anyone and pay their taxes as they should, but they’re not prepared to surrender their bank details to the Spanish Hacienda, a totally inefficient organisation without any means to issue rebates because their computers and entire set ups are not geared up for it.
To give them the information to take money direct from your bank accounts is irresponsible, because they will, it’s what they’re trained to do, and whether they have a right to is immaterial.
It shouldn’t have to be that way, tens of thousands of fellow British expats are hiding in plain sight because of daft Spanish bureaucracy they themselves don’t want but are unable to stop because of a faulty system.
Those tens of thousands of British expats are honest people who don’t want to cheat anyone and pay their taxes as they should, but they’re not prepared to surrender their bank details to the Spanish Hacienda, a totally inefficient organisation without any means to issue rebates because their computers and entire set ups are not geared up for it.
To give them the information to take money direct from your bank accounts is irresponsible, because they will, it’s what they’re trained to do, and whether they have a right to is immaterial.
Jul 10th 2014, 7:58 pm
#14
Forum Regular
Joined: Apr 2007
Location: Ribble valley/Los Pacos
Posts: 242
Re: The government have started robbing us direct from our bank accounts
I like you HBG, am still a UK tax resident and aim to remain so, maybe overstaying my days a little, traveling through France to get to Spain, paying everything either on my uk credit card or in cash.
It has become apparent to me that Spain has no scruples when it comes to taxation, as similarly the average Spaniard, particularly the trades have no scruples in paying it. Therefore the standoff leads to people like us, who are used to paying into a relatively fair system leaving it, avoiding it, and being scared of it. Sadly this will not sort out any of the fiscal problems in Spain.
We learned in the 80s lower your taxes and make your country more attractive and more revenue will be gained.
What if Spain scrapped iht ? The rich would flock there and spend,spend, spend
Regards
Al
It has become apparent to me that Spain has no scruples when it comes to taxation, as similarly the average Spaniard, particularly the trades have no scruples in paying it. Therefore the standoff leads to people like us, who are used to paying into a relatively fair system leaving it, avoiding it, and being scared of it. Sadly this will not sort out any of the fiscal problems in Spain.
We learned in the 80s lower your taxes and make your country more attractive and more revenue will be gained.
What if Spain scrapped iht ? The rich would flock there and spend,spend, spend
Regards
Al
Jul 10th 2014, 11:05 pm
#15
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: The government have started robbing us direct from our bank accounts
I panicked a couple of years ago in Spain, mainly because of that diabolical modelo 720, and moved my tax affairs back to the UK. It was quite difficult but I’m now officially back in the UK and pay my taxes there. I still spend some considerable time in Spain each year but my presence doesn’t trouble anyone and nobody is counting the days, and I don’t.
It shouldn’t have to be that way, tens of thousands of fellow British expats are hiding in plain sight because of daft Spanish bureaucracy they themselves don’t want but are unable to stop because of a faulty system.
Those tens of thousands of British expats are honest people who don’t want to cheat anyone and pay their taxes as they should, but they’re not prepared to surrender their bank details to the Spanish Hacienda, a totally inefficient organisation without any means to issue rebates because their computers and entire set ups are not geared up for it.
To give them the information to take money direct from your bank accounts is irresponsible, because they will, it’s what they’re trained to do, and whether they have a right to is immaterial.
It shouldn’t have to be that way, tens of thousands of fellow British expats are hiding in plain sight because of daft Spanish bureaucracy they themselves don’t want but are unable to stop because of a faulty system.
Those tens of thousands of British expats are honest people who don’t want to cheat anyone and pay their taxes as they should, but they’re not prepared to surrender their bank details to the Spanish Hacienda, a totally inefficient organisation without any means to issue rebates because their computers and entire set ups are not geared up for it.
To give them the information to take money direct from your bank accounts is irresponsible, because they will, it’s what they’re trained to do, and whether they have a right to is immaterial.
I like you HBG, am still a UK tax resident and aim to remain so, maybe overstaying my days a little, traveling through France to get to Spain, paying everything either on my uk credit card or in cash.
It has become apparent to me that Spain has no scruples when it comes to taxation, as similarly the average Spaniard, particularly the trades have no scruples in paying it. Therefore the standoff leads to people like us, who are used to paying into a relatively fair system leaving it, avoiding it, and being scared of it. Sadly this will not sort out any of the fiscal problems in Spain.
We learned in the 80s lower your taxes and make your country more attractive and more revenue will be gained.
What if Spain scrapped iht ? The rich would flock there and spend,spend, spend
Regards
Al
It has become apparent to me that Spain has no scruples when it comes to taxation, as similarly the average Spaniard, particularly the trades have no scruples in paying it. Therefore the standoff leads to people like us, who are used to paying into a relatively fair system leaving it, avoiding it, and being scared of it. Sadly this will not sort out any of the fiscal problems in Spain.
We learned in the 80s lower your taxes and make your country more attractive and more revenue will be gained.
What if Spain scrapped iht ? The rich would flock there and spend,spend, spend
Regards
Al
Of course, some people on here told me a while back that this kind of thing wouldn't happen in Spain. It's 30 centimos now, but maybe another precedent has been set. Not that I know anything of course
