Definition: Regular taxes on wealth
Regular taxes on wealth refers to taxes that are payable periodically on the ownership or use of land or buildings by owners and current taxes on net wealth and on other assets (jewellery, other external signs of wealth). The regular taxes on wealth to be reported are those paid during the income reference period.
This includes any interest charged on arrears of taxes due and any fines imposed by taxation authorities, paid during the income reference period, and property taxes paid directly to the taxation authority by tenants during the income reference period.
It does not include:
- non-recurrent taxes such as inheritance taxes, death duties or taxes on inter vivos gifts,
- taxes assessed on holdings of property, land or real estate when these holdings are used as a basis for estimating the income of their owners (these taxes are included under "Tax on income and social insurance contributions" (HY140G)),
- taxes on land, buildings or other assets owned or rented by enterprises and used by them for production (these taxes are considered as taxes on production and they are deducted from the market output of self-employment income to build the component "Gross cash profits or losses from self-employment" (including royalties) (PY050G)).
Commission Regulation (EC) No 1980/2003 of 21 October 2003 implementing Regulation (EC) No 1177/2003 of the European Parliament and of the Council concerning Community statistics on income and living conditions (EU-SILC) as regards definitions and updated definitions