Did you know that the Renove 2020 Plan is declared in the Treasury? This is what you will have to pay

Did you know that the Renove 2020 Plan is declared in the Treasury? This is what you will have to pay

Approved the two aid plans for the purchase of vehicles announced by the Government, it is time to read the fine print to avoid that after a few months the joy turns into surprise (unpleasant). Today we focus on tax obligations, that is, on what you will have to pay the Treasury if you ask for the help of the Renove 2020 Plan .

The Renove 2020 Plan contemplates the granting of subsidies for the purchase of new or in-stock vehicles registered as of January 1, 2020 that can reach 4,000 euros (in the case of cars ). To this amount we must add the amount that the concessionaire contributes: 1,000 euros if it is an electric one and the same amount that the State finances in the rest of the cases.

This assumes that, adding both contributions, an car can receive aid of 5,000 euros (0 5,500 euros if you add the 500 euros for scrapping a vehicle over 20 years old). The joy is diluted, in part, when reading part of the conditions: the subsidy pays the Treasury .

Only the state part is taxed

The incentives to purchase vehicles offered by the Government constitute a capital gain that must be included in the general income tax base based on the income and personal and family situation of each taxpayer. The same does not happen with discounts made directly by the manufacturer, or point of sale of the vehicle in question, which are not taxed by this tax. That is, in the 2020 income statement, the Treasury will ask you to return a part of the help that the Government has given you, but not from the contribution of the concessionaire.

How much will you have to pay to the Treasury if you receive a Renewal

According to a report by the Technical Union of the Ministry of Finance ( GESTHA ), the amount to be paid depends on two variables: your salary and the help you have received.

  • For ECO-labeled vehicles for which buyers can receive up to 1,000 euros in aid, the tax would become more than 240 euros for those who receive an average salary (meaning those who are around 20,000 euros per year)
  • Buyers of vehicles with a “C” label , who can receive up to 800 euros, will have to pay an additional 192 euros in personal income tax, also in the case of average wage earners
  • The highest aid is for vehicles with a Zero Emissions label ; also those who will have to pay the most. A driver with an average salary will have to return up to 1,031 euros of the 4,000 received

Those who do not comply with the obligation to declare the aid of the Renove 2020 Plan in the income , are exposed to having to present a complementary declaration, which in case of not making it would lead the Administration to settle the corresponding amount with default interest and impose a sanction for a tax violation of 26.25% of the quota stopped entering.

This article was published on Topgear. it’s for Noelia López .

About Nirbhaya 22130 Articles
Nirbhaya has been interested in doing something on his own from the days when he was in college. But, things didn’t favour him in the beginning, and he had to work for others. Later, he finally started Onhike.com as a news portal, and then never looked back. The website is gaining popularity every day. He puts all of his skills into his work and making his dream come true. He covers Tech and General news on this website.

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