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2021 Wealth Tax practical guide.

Wealth Tax

Regulations: Articles 1, 2.1 And 3 Wealth Tax Act

Wealth Tax is a direct and personal tax that taxes on the net worth of individuals.

The net assets of the individual constitute all the assets and rights of economic content for which the individual is the holder, with deduction of the charges and encumbrances that decrease their value, as well as the personal debts and obligations for which the holder must answer.

In addition, it is assumed that the assets and rights that have belonged to the taxpayer at the time of the previous accrual are part of the taxpayer's assets, except for proof of transfer or loss of assets.

Wealth Tax is applied throughout the national territory, without prejudice to the regional tax regimes of Concierto y Convención economic in force in the Historic Territories of the Basque Country and of the Autonomous Community of Navarra, respectively, and of the provisions of the International Treaties or Agreements that have become part of the internal system.