Inheritance tax avoidance has fiscal impact – Bank of Spain study
Paper says loopholes led to effective reduction in tax rate of 1.3 percentage points in Catalonia
Wealthy individuals are re-allocating their assets following changes in inheritance tax law, with significant implications for revenue raising, according to a new study from the Bank of Spain.
The working paper, Inheritance tax avoidance through the family firm, examines the effects of tax reforms over the past decade in the region of Catalonia. However, the author, Isabel Micó-Millán, says its findings are applicable to jurisdictions across the world that levy inheritance taxes to improve
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