Salgado rise suggests that the taxation of
Sicav
The Government's financial vice president, Elena Salgado, hinted yesterday that the government exclude the Sicav of its announced tax increases on capital. Salgado argued that the taxation of these investment companies in Spain is lower than in most Europe and the Government fears that a rate increase resulting from capital to other countries.
Salgado suggested that the tax will not raise the Sicav. The financial vice president, Elena Salgado, in his appearance yesterday at the Ministry of Economy. - Paul MONGE The study of all taxes that the government is doing will affect the taxation of capital income, but not that of the Sicav. Deputy Prime and Finance Minister, Elena Salgado, launched yesterday its new weekly appearance before the media with a defense of the current tax configuration for these collective investment schemes.
The Sicav (stands for Investment Company with Variable Capital) are corporations whose business is investment in financial assets, widely used by people with large fortunes. In addition to being exempt from transfer tax and stamp duty, profits are taxed at 1% in corporation tax, capital gains while withdrawals by the participants pay 18% income tax. Salgado
listed examples such as Germany, Austria, Italy and France to conclude that "in general, throughout Europe, collective investment institutions are not taxed by the income tax or do so at very low rates, and general gains also make lower rates. "Regardless of the comparative analysis, the substantive argument that handles Executive focused on that in a capital market like the European Open, any retouching in taxation can transfer funds from one country to another. The vice president criticized the "incoherence" of the Popular Party to demand a tax increase in this figure, because it was the last government of José María Aznar that set the current scheme in 2003. Salgado also accused of inconsistent to oppose PP elimination of the deduction of 400 euros in income tax "when all his appearances had been charged against their implementation." The head of economics also settled the debate on the possible lifting of the maximum rate of income tax, suggested by the Development Minister, José Blanco. Salgado's refusal is based on its "relatively low" impact tax collection (about 230 million euros, according to his calculations). Thus, it will play the types of capital income, but not the labor.
recovery in the second quarter In recent days, the striking out of recession in major trading partners English have joined the rising expectations of organizations like the OECD and the ECB. However, Salgado held yesterday forecast that the English quarterly GDP will not grow back until the second quarter of 2010. He warned of more "do not currently have completed the problems, because of what it is to recover a consolidated growth sufficient to reduce unemployment." Instructions to the ICO avoid losing 2.248 million
The Executive Committee on Economic Affairs chaired by Salgado, agreed yesterday to instruct the Official Credit Institute to constitute a fund to ensure that SMEs advances received under EU funds to technology. Such advances, whose goal is to avoid losing EU funds because of administrative delays, are granted by the CDTI. Spain has allocated 2.248 million euros from the European Technology Fund in 2007-2013, this project provided sufficient documentation to access the aid. The approval of this fund was, at the time, the main achievement of the Government in negotiations on the EU budget for the period.
Salgado said the tool will ensure that Spain runs the execution of earmarked funds in 2009 for two years.
The Executive is committed to information transparency
The press conference convened yesterday by the Ministry of Economy Finance and awoke an unusual newsworthy, given the usual difficulty to go directly to a financial vice president of Government. Until now. Elena Salgado announced that the hearing will be repeated periodically each week. He explained that the initiative comes directly from the Prime Minister, José Luis Rodríguez Zapatero, who met a few days ago with the three vice presidents to demand more presence information for their work.
Thus, the head of Economy intends to appear every Thursday after the meeting of the governmental commission for economic affairs, to "discuss issues" of the industry. The purpose: to end with the image of disorganization and improvisation that some media attributed to the Executive in the economic sphere.
http://www.cincodias.com/articulo/economia/Salgado-sugiere-elevara-tributacion-Sicav/20090904cdscdieco_2/cdseco/
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