The pact by which ERC will support the 2021 Budgets in exchange for the Government promoting fiscal harmonization between the autonomous communities has focused on two regions that represent the two extremes of the debate: Madrid and Catalonia.

The first for displaying a low tax policy, with the lowest regional income tax rate and the highest bonuses on ceded taxes, and the second, for imposing the highest rates on income and leading the tax burden on taxes under its management.

The Madrid coffers, however, end up receiving more in the large taxes due, to a large extent, to the greater concentration of high income in the region. A factor that is both the argument of both sides to defend their position.

Thus, while the Madrid governments of the PP defend that their low tax policy attracts talent and generates wealth, those in favor of imposing homogeneous tax rules accuse the community of taking advantage of its capital status to practice unfair tax competition, ‘stealing’ from its taxpayers more wealthy.

“If there are less taxes, there is more employment and more collection”, defended yesterday, from Barcelona, ​​the president of Madrid, Isabel Díaz Ayuso, who accused the central Executive of “confronting territories”. It was backed by the president of the PP, Pablo Casado, who promised that his regions will “fight” to “continue lowering taxes.”

The fiscal harmonization, defended on the other hand the first vice president of the Government, Carmen Calvo, is necessary to solve “situations of asymmetry and imbalance” in the principle of equality among Spaniards. In turn, the Minister of Transportation, José Luis Ábalos, considered that the measure would improve the equality of the internal market.

“That a region as important as Madrid is practically living in fiscal dumping is bad news for those of us who believe in solidarity through taxes,” added the deputy of Comú Podem, Joan Mena, who argued that “secessionism fiscal ”of Madrid is causing a“ territorial crisis ”.

In turn, the parliamentary spokesman for United We Can, Pablo Echenique, estimated that fiscal homogenization would raise Madrid’s collection by 500 million, while the Ministry of Finance of this community fears that matching its taxes to those of socialist regions would mean an increase tax of 5,900 million.

We will have to wait until next year to see what the Executive’s specific approach is in this area. For the moment, the figures reveal enormous differences in the application of the assigned taxes. Madrid, for example, does not apply the Heritage tax, while in Catalonia it collects more than 500 million, half of the national income.

Since 2015, Catalonia also collects more from Successions (559 million in 2019) than Madrid, which has been raising the bonus among close relatives (and obtained 455 million last year).

The Generalitat also earns more than the Ayuso Executive in Asset Transmissions (1,525 versus 1,162 million, respectively); Documented Legal Acts (567 compared to 398 million); and gambling fees (224 vs. 148 million). Last year, the set of assigned tributes left 3.

Despite this clear difference, the taxes transferred are dwarfed by the personal income tax figures. With the lowest marginal rate in the country, 43.5%, and fewer taxpayers (3.37 million), in 2018 Madrid collected 21,420 million compared to 18,452 in Catalonia, which applies the highest marginal rate, 48%, and it added 3.65 million taxpayers.

To a large extent, the explanation lies in the fact that Madrid concentrates 50% of the country’s high incomes, compared to 25% in Catalonia. Thus, the Madrilenian pays 8,381 euros per year and the Catalan, 6,907.

In parallel, there is the circumstance that in recent years the Madrid economy has surprised the Catalan as the first in the country, while Catalonia has accused the bill of the process , which caused the departure of thousands of companies from the region through the Legal uncertainty that surrounded the threat of declaration of independence of the Government.

Despite the different readings of these figures, the debate has begun and while regions governed by the PSOE, such as the Canary Islands, support fiscal harmonization, others from the PP, such as Galicia, would only accept it “downward.”

In parallel, as revealed yesterday by the director of the Tax Agency, Jesús Gascón, in the XXX Congress of State Finance Inspectors (IHE), the treasury has been receiving a “growing demand” from the regions to control the veracity of the changes of domicile of its inhabitants to other regions with less tax pressure, in order to prevent them from faking such moves to pay less elsewhere while generating the same expense for them.

Pfizer and BioNTech, Moderna, AstraZeneca and Oxford … The most advanced vaccines against Covid 19 are being prepared to request authorization through the emergency route for their distribution and will begin to be supplied throughout December and early 2021.

All have reported high levels of safety, which does not prevent some mild or moderate side effects that generally disappear shortly after delivery.

1. BNT162b2 (Pfizer and BioNTech)
   The Pfizer and BioNTech vaccine is the leading one among the projects under development to fight Covid 19.

The companies have applied to health regulators in the US for authorization for the emergency use of their vaccine and are expected to receive light. green in mid-December. They also plan to request authorization in the European Union.

Pfizer and BioNTech were the first to announce encouraging results on their vaccine on November 9. According to the companies, the last stage of trials with thousands of volunteers (phase III) has been 95% effective in preventing the disease without major safety risks.

The trials carried out so far have not shown any serious adverse effects , as the companies have highlighted in their statements. Yes there are minor side effects.

The study “has not reported any major safety concerns related to the vaccine,” Pfizer and BioNTech said . Data from a subset of 8,000 participants aged 18 years or older in the phase 2/3 study demonstrates that “the vaccine was well tolerated” and that most adverse effects “resolved shortly after vaccination.”

The only reported Grade 3 (serious) adverse events with a frequency greater than or equal to 2% after the first or second dose were fatigue in 3.8% of cases and headache in 2% after the second dose. Older volunteers tended to report fewer and milder adverse events after vaccination.

The Pfizer and BioNTech vaccine may become the first to use the technology known as RNA . A small sequence of genetic instructions called RNA, created in the laboratory, is injected into the body that “instructs” the body’s cells to produce a specific antigen against the coronavirus.

The advantage is that the vaccine with this technique is easy and fast to produce. Equipment and laboratory requirements are lower. The biggest drawback is that it is necessary to keep it at a temperature below 70 ° below zero to prevent it from losing effect, that is, it needs special cameras for its conservation.

Another condition is the price . The European Commission would have agreed to pay 15.50 euros per dose per vaccine from Pfizer and BioNTech. As the treatment is two doses, the cost rises to 31 euros per treatment.

1. mRNA-1273 (Modern)
   Moderna’s vaccine is also one of the candidates based on RNA technology. The results of their studies, in which 30,000 people participated in the US, point to an effectiveness rate similar to that of Pfizer and BioNTech, of 94.5%.

In this case, no “significant security problem” was observed , according to the company.

“A review of reported adverse effects indicated that, in general, the vaccine was well tolerated,” he adds. Most of the side effects were “mild or moderate in severity.” Grade 3 (severe) effects with a frequency greater than or equal to 2% after the first dose included pain at the injection site (2.7%), and after the second dose included fatigue (9.7% ), muscle pain (myalgia), in 8.9% of cases; joint pain (arthralgia), in 5.2%; headache (headache) in 4.5%; other unspecified pain (4.1%) and erythema or redness at the injection site (2.0%). Side effects “were generally short-lived.”

Moderna’s vaccine is kept at a temperature of 20º below zero , compared to the 70º below zero required by Pfizer and BioNTech, which is an advantage for its maintenance.

The price is cheaper than that of Pfizer’s vaccine but more expensive than Oxford’s: it will be below 21 euros, but it has not been specified.

Moderna’s vaccine needs a very low storage temperature, although less cold than Pfizer’s

Moderna plans to request authorization from the US for the distribution of its vaccine during these weeks. It also plans to send the petition to the European Union.

1. AZD1222 (AstraZeneca and University of Oxford)
   AstraZeneca and Oxford have announced that the study carried out in the United Kingdom and Brazil on their vaccine showed that it was very effective in preventing Covid 19, and no hospitalizations or serious cases of the disease were reported in the participants who received the vaccine.

It is effective, on average, in 70% of cases and can achieve protection of up to 90%.

“No serious vaccine-related safety events have been confirmed,” the company said in a statement. AZD1222 was well tolerated “in both dosing regimens”.

Although the definitive data of this vaccine are not yet known, the side effects reported in an earlier phase of the study of this vaccine were similar to those of the previous ones. Fatigue, headache, low-grade fever and myalgia were the most reported systemic adverse reactions, according to The Lancet .

All of them disappeared shortly after administration and the incidence decreased with the second dose. None reported fever (more than 38º).

In September, AstraZeneca and Oxford discontinued clinical trials of their vaccine due to an adverse reaction from a participant. A few days later, the academic institution said it considered it safe to go ahead with the tests.

AZD1222 belongs to the type of non-replicating viral vector vaccines. That is, it was formed from an adenovirus of a type that does not cause disease and is unable to reproduce. Inside it, the genetic code of SARS-CoV-2 was inserted , to provoke a reaction of the immune system.

This vaccine has advantages in its distribution. It is kept at a temperature between 2º and 8º (any refrigerator) compared to the requirements of the Pfizer vaccine (70º below zero) and Moderna (20º below zero if it is stored for more than 30 days).

In addition, the price is much lower than that of Pfizer and Moderna. The AstraZeneca and Oxford vaccine would cost 5.9 euros in total for the two doses, making it by far the cheapest

The technological revolution has had a full impact on the investment universe and has favored the freedom and autonomy of the individual investor when operating in the financial markets.

The revolution of the democratization of investment is reflected in the ‘ Barometer of the digital transformation of investment in Spain ‘ published by eToro .

The study, where investment professionals from advisers to CIOS and professional investors have participated, reveals that 92 percent of the advisers surveyed are confident that technology will democratize investment.

This situation means that 94 percent of the advisers are clear about the fact that new investment vehicles will emerge and costs will be reduced thanks to digitization.

This change of scenery causes professionals to agree that new professions will also appear in the financial industry.

The new investment framework must bring with it an increase in financial education, which is key for investors to adapt to the market that is to come.

Therefore, another determining conclusion of the barometer is that training will be one of the main challenges in this democratization that is already latent.

Brokers play a fundamental role in the change and eToro is aware of this when verifying that it is the third most used platform to make investments in Spain by professionals, outside their work, and individuals.

Social investment, on which eToro is based as a unifying vehicle for the evolution of investors , is already fully known by the market.

And, 8 out of 10 advisers already know this type of investment and 71 percent of them have come to consider making social investment their way of life.

Investment professionals like the fact that other users are allowed to follow the steps and operations of other investors to become professionals in the sector and make operating in the markets their way of life.

Based on this situation, eToro has launched the ‘ Investing Time Machine ‘, a project to definitively boost financial culture. It is an interactive tool to see, for example, how much money they would have earned had been invested years ago in the company for which they show the most interest.

Thus, through this free simulation, it is intended to bring out the investor that we all carry inside. It is a didactic and interactive way of bringing markets, generally perceived as complex and inaccessible, closer to the common citizen.

The ultimate goal of this tool is to make investors aware that past returns are not a reliable indicator of future results. This is the essence of ‘The Machine’: to provide added value, but also remember that we must always inform ourselves before investing.

This content is for informational purposes only and cannot be considered investment advice or recommendation. Past performance is not an indication of future performance. CFDs are leveraged products and carry great risk to capital.

eToro is an entity regulated in Europe by the Cyprus Securities and Exchange Commission under license # 109/10 and registered with the CNMV within the Investment Services Companies section of the European Economic Area in Free Service. Your capital is at risk.

A slightly lower participation than last year and with a shrinking budget. In this way, Spaniards face Black Friday , the discount campaign that is the kick-off for Christmas shopping, which this year is celebrated around November 27.

Amid the social and economic ravages caused by the coronavirus pandemic , there will be fewer consumers willing to buy, and those who do will spend less than on other occasions. In any case, the online sales channel seems destined for great success, due to capacity limitations and the recommendation to avoid crowds.

If last year 64.1% of Spaniards had bought something during the so-called Black Friday, in this edition they expect to do so only 60.3%, which is equivalent to a decrease of 3.8 percentage points, according to the latest study prepared by iAhorro on trends and purchase intention of Spaniards on Black Friday 2020.

From the banking comparator they emphasize that “it is the first decrease since 2018, the year in which the first report was made.” Likewise, 59.3% of those surveyed took advantage of the discounts last year and will do it again now, 4.8% bought in 2019 and this 2020 does not plan to do so, 34.9% did not join the initiative and They confirm this decision, and 1% will buy in this edition, although in the previous one they did not.

The biggest difference, however, will be noticed in the budget that will be allocated to these purchases, 10% less compared to last year and 8% less than in 2018.

The average expenditure for 2020 will be 128.20 euros. 22.3% of buyers will only spend between 0 and 50 euros on Black Friday, 27.4% between 50 and 100 euros and 20.4% will spend between 100 and 150 euros. Only 10.5% will get from their pocket this time between 150 and 200 euros and the remaining 19.4% more than 200 euros.

In general, 54.6% of those surveyed will maintain their budget, while 34.4% say they will spend less and only 11% will increase it.

While the amount of money allocated to Black Friday decreases, only 29.7% of those surveyed claim to have created a budget, or, what is the same, more than seven consumers out of 10 have no planned investment they will make in their shopping.

Regarding the form of payment through which they face their purchases, 52.3% do so with their income for the month, 23.4% with a credit card and only 15.5% with savings accumulated in previous months .

The reasons for the declines in participation and budget lie, on the one hand, in the impossibility for many to face this type of purchases, because their economy has deteriorated or as a precaution for the future.

On the other hand, in the fact that it is about purchases that they deem unnecessary. In this, the financial expert of iAhorro, Antonio Gallardo, sees a part of ” saving as a precaution “, and another almost obligatory, “for not being able to make certain consumption expenses such as, for example, leisure”, due to the limitations derived from the health emergency.

In this sense, travel appears as the major victims on this Black Friday. If in past editions this item used to account for between 8% and 10% of all purchases, this time it plummets to 2%, the largest drop by segment.

In the rest of the categories there are few changes compared to other years. They lead the ranking of fashion and accessories (62.1%) and computer science and electronics (44.1%). With 16.9%, video games is the only one that shows significant upward changes (16.9%).

This year, electronic commerce has become especially important for the acquisition of goods and services, since 45.4% will choose this channel during Black Friday, while 20.3% prefer physical stores and 34.3% will use both possibilities.

Always according to the iAhorro survey, the convenience of home delivery is the main reason why customers prefer to buy online.

A fact that, possibly, is closely related to the second pandemic wave , to the point that, for the first time, this reason exceeds that of finding the best discounts as the reason for choosing to buy online (35.4 % versus 30.5%, respectively).

“The digital channel has established itself as the absolute leader in purchasing decisions and this year it can multiply its weight”, reasons Sergio González, professor at The Valley business school. “There is no doubt that this year there are people who will not go to the physical point, or should not do so, at least not en masse.

However, there are many who continue to prefer the physical channel because they can live the experience of touching, seeing and testing the product or service on site ”, he clarifies. In fact, those who prefer to buy offline (20.3%, according to iAhorro) point to the fact of seeing or trying on what they want to buy as the most important reason for their choice.

The uncertainty derived from the evolution of the Covid pandemic and the dark clouds that hang over the Christmas celebrations will also affect the purchases of one of the most anticipated sales campaigns of the year.

“Black Friday has a lot of occasional shopping component for oneself and the gifts will be adjusted this year to a smaller budget”, Gallardo predicts.

“If the limitations continue, it is most likely that the decline will be much more pronounced mainly in leisure, but also in food, due to the decrease in family gatherings, although these purchases are usually concentrated after the holidays in early December”, adds.

Be that as it may, 33% of those surveyed affirm that among the main reasons to buy during Black Friday is to save on Christmas shopping, while 42.5% do so without looking for anything in particular and 20 , 6% have a fixed purchase objective.

The remaining 4.75% will buy for other reasons. The majority (42.3%) expect that the discount they can obtain will be up to 20%, 23.4% of buyers expect to obtain a discount of between 20% and 40%, and 21.8 % of respondents, between 40% and 60%. Only 12.5% ​​trust in achieving savings above 60%.

If more than half of the consumers surveyed by iAhorro finances their purchases on Black Friday with the income they have received this month and only 15% with the piggy bank established in the previous weeks, almost one in four do so with the card of credit. Most of those who use this payment method (44.2%) establish a fixed monthly payment fee.

On the contrary, 39.4% prefer to return the entire amount at the end of the month.

“Both options are valid”, says the Marketing Director of imaginBank, David Urbano, “it all depends on which one is more suited to the way in which each one manages money”. Paying everything at the beginning of the month, for example, will prevent the bank from charging commissions. Also setting a spending cap is another of Urbano’s tips.

Another factor to take into account during Black Friday is fraud in electronic commerce, since it tends to increase in initiatives of this type, although the European Directive on Payment Services has increased security in purchases made online. Even so, “in case of theft or fraud, blocking the card will be the first step to follow,” emphasizes Urbano.

And, if what has to be stopped are compulsive shopping to avoid surprises at the end of the month, it will not hurt to “make a selection of what we want to have for Black Friday,” he suggests.

“In this way, it will be possible to decide if the expense is affordable or if everything that is on the list is really needed,” he adds.

Special care with prices is what they advise from the Organization of Consumers and Users (OCU). Last year, only 17% of the products became cheaper, compared to 29% that became more expensive. Average prices in the month prior to the 2019 edition of Black Friday increased globally by 0.55%.

For this reason, the organization’s spokesperson, Ileana Izverniceanu, recommends “keeping track of the products that are needed and comparing between establishments before buying.”

There are a few weeks until the end of 2020 and time is tightening to put some order in all the chapters of the fiscal year before its closing.

If you want to avoid scares in the next income statement, which may be presented between April and June of next year, it will be better to review some key aspects.

Beyond some specific elements derived from the pandemic and that may affect personal income tax , the Registry of Tax Advisors (REAF) of the General Council of Economists (CGE) advises taxpayers to find out if their income is exempt and from what Exemptions or reductions could benefit your earned income.

Have you been fired? In this case, the compensation you have received is not taxed up to 180,000 euros. Anything that exceeds this amount is reduced by 30%.

However, to benefit from this exemption, the company or another related company cannot hire you again for at least three years from the dismissal.. In order for the compensation to be exempt, it is also necessary that the inadmissibility of the dismissal is recognized in the conciliation act before the SMAC or by judicial resolution.

“It is important to remember that the Administration should not perceive indications of a pact between the company and the worker”, they emphasize from the REAF, although they clarify that, “this last year, the National Court has questioned the indications used to reach the conclusion that a pact has existed, demanding greater evidentiary force from the Administration ”.

Have you still not agreed to exempt payments in kind? Well, it may be a good time to consider obtaining the transport check or the restaurant check for next year, among others.

In the case of medical insurance paid by the company, for it to be considered non-taxable compensation in kind, it is necessary that the policyholder is the company that grants it.

Do you have the supporting documents? The allowances for locomotion, maintenance and stay expenses paid by the companies to their workers are not taxed, but “it is up to the worker to justify the expenses of stay, locomotion in public transport, parking and tolls, so that it will be better to collect all those supporting documents before year-end ”, suggest the tax advisers of the CGE.

Likewise, when the company reimburses the partners for the expenses they have incurred to travel to the place where they are going to provide their services, they must prove that the reimbursement only serves to compensate them. Otherwise, it will be understood that it is an income subject to taxation.

Are you planning to transfer your habitual residence and have you turned 65? In this case, you will not have to pay taxes for the capital gain,even when you have sold the land where the habitual residence was located, once it has been demolished, provided that the transfer is made within two years after the moment it ceased to be your habitual residence.

Of course, “if the ownership of the home is shared with your spouse and if he or she has not reached that age, it may be convenient for them to wait until he reaches that age to formalize the transfer and benefit from a 100% exemption of the capital gain”, advise from the REAF.

If the main residence consists of a surrounding land and a stable, but with a single cadastral reference, only the capital gain obtained from the sale of the building where the spouses’ habitual residence appears, that is, the profit that It corresponds proportionally to the land occupied by said dwelling.

And the annuity? Those over 65 also have the possibility of transferring any asset or right and not paying taxes on the capital gain that occurs on condition of investing the obtained, with a maximum of 240,000 euros, in a life annuity .

It is important to remember, however, that the period to carry out the reinvestment is only six months. Therefore, “if it has not yet reached that age, the taxpayer should assess whether he is interested in postponing the operation until the year in which he has it,” say the tax advisers of the CGE.

Are you considering reinvesting in habitual residence? Any taxpayer can exempt the gain obtained in the transfer of their habitual residence, but, in this case, only if the amount received is reinvested in another habitual residence within a period of two years.

To apply this exemption, it is not necessary to use all the money collected with the sale, but “it will be sufficient to apply for the same purpose money borrowed from a third party, either directly or as a result of subrogation in a loan previously contracted by the person who transmits the property ”, they explain from the REAF.

Have you donated a business or shares in a company through which you carry out an economic activity? Check that the requirements of the state rule of Inheritance and Gift Tax are met to apply the reduction in the transfer of the family business and, if so, you will not pay for the capital gain.

Do you have to move residence? An unemployed person registered in an employment office that accepts a job that requires a change of residence, can deduct an additional 2,000 euros for other expenses in the tax period in which that transfer occurs and in the following one.

“However, it must be taken into account that it will not apply if no income is obtained from the acceptance of the job for which one had to change residence,” they point out from the REAF.

Will you receive a supplement to the pension in a single payment? In the event that you receive, since your retirement, a monthly supplement to your pension, for several years, and your employer proposes its replacement with a single payment, you may reduce this amount by 30%, up to a limit of 300,000 euros.

Are you considering rescuing the pension plan? The CGE tax advisers point out that the benefits are taxed as income from work, and that, if the plan is redeemed in the form of capital, a 40% reduction can be enjoyed on the amount corresponding to the contributions made prior to 2007

On the other hand, if it is redeemed in the form of income, it cannot be applied. “Therefore, before the rescue, you must make calculations and, in addition, avoid accumulating income to avoid the progressivity of the rate,” they warn.

Likewise, if retirement or disability occurred in 2012 and you have not received benefits, but you want to benefit from a redemption in the form of capital with the 40% reduction, the taxpayer must remember that the maximum term expires on December 31, 2020. If it occurred in 2018, the same deadline will apply.

Do they give you an incentive to retire? If your company favors the retirement of workers, paying them compensation for the early termination of the employment relationship, and you have the possibility to take advantage of this measure, keep in mind that you will not be able to reduce these returns, since they do not have a period of generation over two years.

This is so “even if the company requires a certain number of years of service to qualify for the program,” clarify the tax advisers of the CGE.