On 3 March last, the State Secretary for Finance sent a letter to the House of Representatives in which the following is reported:
“In the middle of last week an error was discovered in the calculation of the fixed yields of box 3 as established by the Ministry of Finance. As a result of this error, the fixed returns on savings and investments for the years 2019 and 2020 were incorrectly included in the law. The Tax and Customs Administration has used the percentages in the calculation of the provisional 2019 and 2020 assessments and in the systems for the imposition of the 2019 assessments”.
In short, this means that:
- until the Tax and Customs Administration has incorporated the correct rates in its programmes, 2019 and 2020 assessments will be imposed on the basis of the incorrect rate;
- when imposing the final assessments, the correct rates will be used. If necessary, a correction will be made at that time.
When checking the final assessments of our clients, we will check and assess whether the correction has been (correctly) applied.