A good friend asked me today about the accuracy of the Spanish Wealth tax abolition announcement and how we should represent a sound professional opinion.
I just confirmed what I know, which is that the Government, with the support of the Parliament, is moving ahead. So far, so good, I must say, nothing else.
The legislative project is in its way to be passed by Parliament before the end of the year, unless a very radical change happens in the Government’s approach to Taxation Policies. Please, check the current status of this initiative at the Cortes Generales webpage.
I will not take bets on this, been actual tax policies as uncertain as anything else in our Global Economy.
Benjamin Franklin tried to establish tax certainty back in the XVIII Century. Referring to the then, new US Constitution, he said “Our Constitution is in actual operation. Everything appears to promise that it will last; but in this world nothing is certain but death and taxes.”
Franklin’s statement on tax certainty may not hold true these days if applied to specific tax policies, as income or capital been taxed today under certain rules may not be taxed tomorrow, when the government changes. We all know that.
Would it be possible, however, for the Spanish government to make a radical change in Tax policies during its four years term?.
Specifically, would it be possible to go back and maintain the wealth tax when it was an integral part of his electoral program and announced in public twice after winning the elections?.
I do not think so, unless the Primer Minister has given up his political career plans for the next General Elections.This is the opinion I have maintained and will maintain on this topic.
Today, a Catalan lawyer and very good professional referred to one of my colleagues, as Dona de poca fe, which resembles in the Catalan language the Biblical saying Oh Ye of little Faith. By no means I want to imply that professional advisers must have blind faith.
Please see my disclaimer and always make sure that before taking any action based on this blog, you check the sources. Listen, I am a lawyer after all 
A healthy dose of genuine skepticism is one of the qualities of a trusted adviser. It is great when other colleagues send me a good feedback on a taxprecision posting, specially when they have taken the pain to check the legislative references.
I take this matter of publishing very seriously and any sound feedback will be published in the comments sections, acknowledging authorship.
Back to Wealth Tax, and for those faithful readers, please find here the exact version of the document that their Lordships are reviewing in the Parliament as you read this posting today.
Keep watching this space and thanks for RSS our blog.