The increase in the levy foreseen in the Government Budget will raise the taxation of the Insurance Premium Tax from 6% to 8%.
The 2021 Budget presented by the Government contemplates a tax increase on the majority of insurance contracts signed in Spain. This tax increase, which will go from 6% to 8%, will have a significant impact on the economy of both companies and households. Specifically, around 90% of Spanish families will be affected by the increase in this tax, according to data collected by the Spanish Union of Insurance and Reinsurance Companies (Unespa) and provided to Vozpópuli.
The vast majority of families in Spain have taken out some type of insurance. The most common are car insurance (79%), although home insurance (74%) and death insurance (45%) are also noteworthy, according to the latest survey of family budgets carried out by Unespa. Spanish companies will also be affected by this rise, since many of them have taken out various insurance policies for the development of their activity, such as civil liability, theft or damage to their production facilities.
The Government calculates that the increase in the Insurance Premium Tax (IPS) will mean an increase in revenue of almost 25%, which will fall directly on the users of the policies involved; that is to say, some 500 million euros more. This was pointed out by the Minister of Finance herself, María Jesús Montero, when presenting this measure included in the General State Budget Bill for 2021, which underpins the Executive's eagerness to raise taxes, especially for large companies.
The Government celebrates that the increase will mean an increase of 500 million euros in the collection of the Insurance Premium Tax, while the sector is concerned about how it will affect this industry, which represents 5% of the GDP.
Unespa lamenta esta subida del Impuesto sobre las Primas de Seguro en un sector que representa el 5% del PIB en España, que da empleo directo a más de 50.000 trabajadores y con el que trabajan indirectamente más de 550.000 profesionales. «Hay que tener en cuenta, además, que el Impuesto de Primas de Seguro es regresivo desde un punto de vista social», valoran desde Unespa, que inciden en que esta medida «perjudica a las personas y a las empresas que, a través del seguro y con un criterio de responsabilidad, aseguran su vida diaria, su patrimonio y sus actividades empresariales y profesionales frente a los posibles daños que puedan causar a terceros».
Exceptions to the tax increase on insurance policies
This increase does not apply to all policies equally, although it does affect the most common ones. Health care, health, health, credit and surety, reinsurance operations and those related to pension plans, combined agricultural insurance, group or compulsory social insurance used as an alternative to pension plans and funds are excluded.
Although the Government contemplates several exceptions, the increase will affect the most common policies among Spanish families and companies.
The Government also contemplates other exceptions, such as those referring to insurance operations related to the international transport of passengers or goods, operations related to ships or aircraft used for international transport -except for private recreational activities- and life insurance, unless there are complementary guarantees.
«Una medida desproporcionada»
A pesar de estas excepciones, para Unespa «se trata de una medida desproporcionada y carente de justificación». Esta asociación empresarial, que recoge el malestar de las entidades aseguradoras españolas, alerta de que la subida de este impuesto «puede derivar en una disminución de las protecciones que contratan familias y empresas y, por consiguiente, en una mayor exposición al riesgo por parte del conjunto de la sociedad y la economía del país».
In addition to the increase in the tax on insurance premiums, the limits on contributions to pension systems have been lowered.
Además, inciden en que a la subida del Impuesto sobre las Primas de Seguro «hay que añadir la rebajada de los límites de aportación a los sistema de previsión individuales de 8.000 a 2.000 euros», lo que «afectará negativamente a los más de 7,5 millones de partícipes en planes de pensiones y a casi 1 millón de asegurados en planes de previsión asegurados», algo que también ha sido denunciado por la Asociación Española de Instituciones de Inversión Colectiva y Fondos de Pensiones (Inverco).