Example: Calculation of the amount of the integrated payment

Mr. G..C. Resident in the Autonomous Community of Galicia, he presents the following details in his 2021 Wealth Tax return:

• Net tax base: 356,900 Euros.

• Exempt goods and rights, except for determining the applicable tax rate: 68,000 Euros.

Determine the amount of the full payment. 

Solution

1. Determination of the basis for the application of the tax scale:

   This magnitude is the result of adding the net tax base and the net value of the exempt assets and rights, except to determine the tax rate applicable to the rest of the assets. That is, 356,900 + 68,000 = 424,900 euros.

2. Application of the tax scale to the base for the application of the tax scale:

   • Up to: 334,252.88: 835.63

   • Other: 90,647.12 To 0.50%: 453.23

   • Resulting payment (835.63 + 453.23) = 1,288.86

3. Determination of the average tax rate:

   TMG: (1,288.86 ÷ 424,900) X 100 = 0.30%

4. Obtaining the full payment

   Total payment: 356,900 X 0.30% = 1,070.70 euros.