- In the midst of the coronavirus alarm state, and in a small plenary without press, PNV and PSE have carried out a tax exemption at the Bizkaia General Boards. In practice, it will allow speculative investment fund managers, vulture funds, to tax only half of the profits made. The other half will be tax-free, as explained by the journalist of El Salto, Miguel Virizuela.
On 5 March, PNV and PSE rejected the amendments tabled by EH Bildu and Elkarrekin. We can with the support of pp so that the Basque Government "could establish a specific tax treatment for high-risk fund managers, theoretically linked to entrepreneurship and innovation, halving the tax base for income tax".
"The idea is not new," says Virizuela. Since 2015, the Provincial Council of Bizkaia has promoted policies to attract entrepreneurs and fund managers, including tax cuts. The goal, according to former Deputy Director of Strategic Projects, Asier Alea, is "to help strengthen the entrepreneurial ecosystem" and to secure investment in the start-ups in Bizkaia. In other words, Bizkaia should become a more fiscally competitive territory and thus "attract talent".
In the words of Eneritz de Madariaga, spokesman for Elkarrekin Podemos, "the Provincial Council of Bizkaia, on the pretext of seeking an investment in the development of business projects in our territory, has decided to establish favourable tax conditions for investment fund managers – the financial sharks – to put red carpet and offer comfortable conditions".
📽️ In reduced commission, no press and in crisis by the #coronavirus amendment to reduce the #IRPF of funds to 50%. Embarrassing. 📽️ In a small committee, without press and in the midst of the coronavirus crisis, they have approved reducing the IRPF of fund managers to 50%. pic.twitter.com/eyWkUCIm0v
— Eneritz de Madariaga (@EneritzAhalDugu) March 18, 2020