The Treasury's inaction on Montoro's failed tax threatens to break 30 billion euros
Just over 30,000 million euros for the public coffers in 2024. This is the cost calculated by tax experts and tax inspectors on the basis of data from the Tax Agency (AEAT) and included by the Constitutional Court (TC), which may result from the ruling that overturned the rise in corporate income tax approved by Cristóbal Montoro in December 2016.
It is estimated that in 2024 an amount of more than 30 billion euros will be added to the public coffers, according to calculations made by tax experts and tax inspectors based on data provided by the Tax Agency (AEAT), which are collected by the Constitutional Court (TC). This amount could derive from the ruling that invalidated the corporate tax increase proposed by Cristóbal Montoro in December 2016.
These compensations, in addition to being technically complex and generating a considerable workload, have generated a state of nervousness and concern in both the AEAT and the Minister of Finance, María Jesús Montero. This setback could have been avoided if the Treasury had acted, but its inaction prevented it.
Raúl Salas, Partner in RocaJunyent's Tax Law Department, warns that "this is relevant, as the tax for that year (which would generally have to be paid during July 2024) will be lower than expected at the close of the 2023 financial year itself, so many companies will pay less tax than provisioned for in their accounts".
He also points out that "likewise, those companies that had tax losses to be offset in future years and that had not been able to capitalise them for accounting purposes because, due to the limitations of Royal Decree-Law 3/2016, they would not have had certainty of their offsetting, could now capitalise them (improving their accounting result for 2023) and therefore their equity and solvency ratios".
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