200 people benefit most from Balearic inheritance tax reform

It is obvious that the greatest benefit will be for those individuals who inherit the most, as they will save the most in terms of tax. The main opposition party, PSOE, has assessed what this means and has concluded - based on data from a year ago - that 209 millionaire beneficiaries would have saved 19.08 million euros in tax payments, an average of 91,291 euros.

Between January and June last year there were 19,980 inheritance declarations, of which 19,545 were for individuals who had benefited by less than 700,000 euros. They paid an average of 748 euros tax, a total of 14.63 million.

The 209 millionaire beneficiaries paid more than all the other 19,771. For PSOE's Llorenç Pou, who was the government director-general for the economic model until June 2023, this confirms a process that is lacking in "solidarity". "The richest are the biggest beneficiaries and they are ceasing to make contributions to the global system that finances basic services for the rest of the citizens."

Pou says that this tax was one element of regional government structural income. It was guaranteed revenue each year regardless of the economic situation, as was also the case with wealth tax. "Everything now relies on other taxes that are linked to the economic cycle and to the economy growing." He believes that even the Partido Popular government is beginning to question this model.

But this hasn't been reflected in government statements. When the changes to the tax were announced, President Marga Prohens said: "It is a question of fairness for those who have worked all their lives, and I thank them for their work, their effort and for thinking about the future."