En Madrid, contamos con una fiscalidad que incentiva
Rocio Albert, the Minister of Economy, Finance, and Employment, was interviewed by Ely del Valle on Telemadrid’s ‘Buenos Días, Madrid’ on the same day that the Madrid Regional Government approved the new tax cuts announced by the regional president on Monday.
Specifically, the one related to the Inheritance and Gift Tax. The bonus is increased from 25% to 50% for transactions between siblings and between uncles and nephews by blood (group III of relationship), as well as a 100% bonus on donations between individuals under 1,000 euros.
Madrid will increase the bonus on Inheritance and Gift Tax by up to 50% for siblings, uncles, and nephews
The measure aims to prevent individuals from feeling overwhelmed when they receive an inheritance, which sometimes leads them to reject it due to the financial burden of paying these taxes.
Rocio Albert stated, «Today we begin the process to raise the deduction from 25% to 50% in the Inheritance and Gift Tax, among third-degree relatives, namely siblings, uncles, nephews, … and on the other hand there is also a 100% bonus on any donation under 1,000 euros.»
The Minister of Economy, Finance, and Employment highlighted that this is the «second reduction» in this tax since Isabel Díaz Ayuso became regional president. Albert recalled that «14,000 taxpayers will benefit, resulting in a savings of 140 million euros per year.»
Montero justifies the taxation of the SMI in that the Treasury «does not collect less»
She explained that once all the processing is completed, «we hope it can come into effect just before or during the summer.»
«In the Community of Madrid, we have an incentivizing tax system that encourages economic activity to grow and we are trying to eliminate all bureaucracy. At the same time, we are attracting talent,» she assured.
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