The Tax Agency calculates that it will have to return 2,661 million euros in the rent campaign
- 57% of the participants in a survey of ‘Bolsamanía’ considers it negative that they return to pay for having paid more
- The State obtains double financing, upon receiving the payment of taxes and obtaining free financing
The Tax Agency is already disbursing the corresponding money from the income tax returns presented so far, the result of which has been returned, that is, when the taxpayer paid the Treasury more than it was entitled to in 2016. This has two possible readings: a positive feeling for being an extra income, or a negative one for checking that the tax payment was greater than necessary.
The forecast of the agency under the Ministry of Finance and Public Administration is that during the 2016 Income campaign, which began on April 5 and will continue until June 30, 19,750,000 declarations are presented, which represents an increase from 1%. Of these, 15.9 million will be individual and another 3.85 will be joint.
The result projected by the Tax Agency is that there are 4.175 million declarations with positive results. That is, the taxpayer has to make a disbursement because the adjustment of the declaration concludes that withholdings on their income to the Treasury did not reach the required tax payment. In total, the Treasury expects revenues from this concept at 8,537 million euros.
However, in the majority of cases, the opposite happens. The forecast of the treasury is that 14,775 million declarations will have as a result ‘to return’, which implies a payment by the Treasury of 11,198 million euros. The remaining 775,912 statements in the estimates of the Tax Agency will have a null result.
75% of the taxpayers who make the declaration in the 2016 Income campaign finance the State in two ways. On the one hand, as taxpayers. And on the other, as ‘bankers’. That is, they lend money to public administrations for free, which will return the money one year later (depending on when the retention was, the period goes from 4 to 20 months later).
The public sector will return 2,661 million euros to taxpayers, according to the forecasts of the Tax Agency. This line of liquidity causes mixed feelings in the ‘bankers’. But above all, a negative sentiment, according to the survey carried out by ‘Bolsamanía’ among its readers, in which more than 1,000 users have participated. Before the question ‘Starts the campaign of the Declaration of Income 2016. How do you feel when you go out to return?’, 57.3% of those who have responded has opted for the answer ‘Wrong because for months I paid more than I was entitled to’. For its part, the option ‘Well, because I find an extra income that I did not expect’ is the one that chooses 23.9%. Finally, 18.8% answered ‘Well, because it’s always worse for me to pay’.
So far, according to data from the Tax Agency on April 18, 2,016,247 declarations have been submitted. From this figure, among which the result is a refund, the Treasury has already paid the corresponding money to 1,186,401 taxpayers, for a total amount of 804 million euros.
In this sense, the taxpayer recovers the money that he has paid more to the State, after having acted as a lender, but with the opportunity cost of not having disposed before that money. For a person who leaves this amount in a bank account, in a deposit or under the mattress, this is irrelevant. But in an extreme case, there are funds and stocks that were revalued more than 20% in 2016, which is a money that was not working for anyone who is an investor. On the other hand, inflation has returned and with force. In March, the year-on-year CPI stood at 2.3 %, which means that the money returned by the Treasury has lost purchasing power compared to a year ago.
HOW IS IT DETERMINED WHO IS ‘BANQUERO’?
The payment of income tax on natural persons (IRPF) is determined by sections that depend on the tax applied by the State and by the autonomous communities. Thus, taxation depends on each region, with a high fork that goes from 9.5% in the lowest section in several communities like Madrid, to 12% in Catalonia. From 60,000 euros, the range varies between 43.5% in Madrid and 52% in Navarra. Likewise, other types of income must be taxed, such as savings, which include the capital gains generated by the sale with gains from an action, the collection of a dividend or the reimbursement with benefits from a fund.
For an employee, the employer applies withholdings on his payroll that go to the Treasury every month based on the information provided by the worker in the model 145. “This retention is made based on the rates that the State puts on the table as a guide based on the autonomous reality so that depending on the region in which the adjustment is taxed, it will tend to be higher or lower. for example, because it is a smaller tax, it is easier for it to return, “explains Luis del Amo, technical secretary of the REAF of the General Council of Economists.
There are also deductions that retention does not contemplate. This is the case, for example, with contributions to a pension plan (maximum 8,000 euros) or the purchase of a home before 2013. To this must be added deductions that have not been contemplated in their entirety in the payroll as maternity or large family.
In the case of self-employed professionals, the withholding is fixed at 15% of their declared income. Depending on what you earn, you will have to pay an additional amount to the Treasury when making the declaration or recover part of the amount paid. As for business activities, the liquidation with the Treasury is quarterly with model 130, in addition to making the income statement afterward.
Not all the adjustments made in the return tend to the return result. Especially for investors. The collection of a dividend or the reimbursement with profits of a fund implies a withholding of 19%. This is the percentage that applies to profits up to 6,000 euros, but from that figure and up to 50,000 is 21%, while from 50,000 euros is 23%. Likewise, the capital gain obtained from the sale of an action is not subject to withholding, but it is subject to taxation in the income statement with the savings tranches, which is a sum to be added to estimate if it is necessary to pay or charge.