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2021 Wealth tax

1. Introduction

The Wealth Tax is a tax of a direct and personal nature that taxes the net assets of natural persons.

The net assets of the natural person constitute the set of assets and rights of economic content of which the person is the owner, with deduction of the charges and encumbrances that reduce their value, as well as the debts and personal obligations of which the owner must respond.

The Wealth Tax is applied throughout the national territory, without prejudice to the regional tax regimes of Concert and Economic Agreement in force in the Historical Territories of the Basque Country and the Foral Community of Navarra, respectively.

The Wealth Tax is a tax whose income is transferred in its entirety to the Autonomous Communities.

As a consequence of the transfer, the Autonomous Communities may assume regulatory powers over the exempt minimum, the tax rate and the deductions and bonuses of the quota.

The deductions and bonuses approved by the Autonomous Communities will be, in any case, compatible with those established in the state regulations regulating the tax and may not imply a modification of them.

These regional deductions or bonuses are applied after those regulated by State regulations. If the Autonomous Communities do not use their regulatory powers over this tax, failing that, the State regulations will apply.