A “totally unjustified impact” to a “residual change”. That is how the legal and real estate experts have defined the reaction on the stock markets to the Government’s decision to introduce a 15% tax on the undistributed profits of listed real estate investment companies (Socimis) in the preliminary draft of the General State Budgets for 2021.
According to calculations from the Ministry of Finance, this announcement will result in an additional collection of 25 million euros in 2022, a fairly small amount considering the volume of assets and market capitalisations of these vehicles in Spain. Nevertheless, the large Socimis, such as Colonial, Merlin and Lar España lost between 1.5% and 5% of their value in trading yesterday on the back of the news.
Read the full article in Spanish.
