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The AIReF Orders a Review of the Tax Benefits for Socimis and Sicavs

The Tax Authority is lobbying for a review of tax benefits that together add up to more than 23 billion euros, as well as a tightening of the requirements for Sicavs to access reduced rates.

Cristina Herrero presidenta Autoridad intependiente responsabilidad Fiscal Fuente AIReF 1
Cristina Herrero, President of the Independent Authority for Fiscal Responsibility (AIReF).

The Independent Authority for Fiscal Responsibility (AIReF) has warned today that some of Spain’s tax credits are “regressive” and must be reviewed, reformulated and even abolished.

According to a report presented by the AIReF on Wednesday – following its analysis of more than a dozen tax benefits, which have a corresponding cost for the public coffers in the form of tax reductions, tax deductions and other facilities that allow reductions in tax payments worth almost 35 billion euros – these types of exemptions hide inefficiencies that could allow the State to increase its tax collections. In fact, the regulatory body believes that it is necessary to review incentives worth more than 23 billion euros.

Read the full article in Spanish.

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