JUAN RAMÓN RALLO Las sicavs sí pagan impuestos (El Confidencial)

En España hay 2.907 sicavs con un patrimonio total de 31.700 millones de euros: es decir, el patrimonio medio por sicav es de 10,9 millones de euros. Ni el número de sicavs ni tampoco su patrimonio gestionado atraviesan su mejor momento: el número máximo se alcanzó a finales de 2015, con 3.372, y el capital máximo se logró a mediados de 2015, con 35.100 millones de euros. Tampoco el capital medio se halla en su esplendor, pues a mediados de 1998 llegó a ser de 20,3 millones. En cierto modo, el mercado actual de las sicavs no se diferencia cuantitativamente demasiado del que había hace más de una década: análoga capitalización, pero con un número de vehículos algo más reducido.

Tales cifras deberían llamar poderosamente la atención a cuantos suscriben la narrativa de que, en España, “los ricos son cada vez más ricos” merced, fundamentalmente, a herramientas de elusión tributaria como las sicavs. Si el patrimonio de la oligarquía patria crece exponencialmente por sustraerse al pago de impuestos mediante este tipo de vehículos fiscales a medida, ¿cómo es posible que el capital de las sicavs no haya crecido en una década? ¿Cómo es posible que no haya cada vez más sicavs y que su tamaño medio no vaya en aumento? ¿Es que los ricos sacan sus capitales de estos exclusivísimos refugios fiscales aun exponiéndose a que se les apliquen las mismas confiscadoras normativas tributarias que al resto de los mortales? ¿Es que los nuevos ricos no abren sus propias sicavs para beneficiarse de un chollo sin parangón planetario?

Una sicav es un instrumento utilizado (principalmente pero no de forma excluyente) para invertir en activos financieros de manera legal, controlada y con garantías
La realidad, claro, es que las sicavs no son un chollo fiscal tan exclusivo como se nos ha contado. Es verdad que, al igual que sucede con todas las restantes instituciones de inversión colectiva, tributan al 1% por las plusvalías obtenidas merced a la disposición de sus activos financieros. Pero recordemos que el partícipe de una sicav también tributa indirectamente por las ganancias que genere el subyacente de su inversión financiera y que, a su vez, también lo hace directamente por las ganancias que se distribuyan desde la sicav a su patrimonio personal.

Por ejemplo, supongamos que un ricachón patrio monta una sicav para invertir unos 400 millones de euros en adquirir el 1% de las acciones de Telefónica. En 2016, Telefónica obtuvo unos beneficios de 3.245 millones, de modo que a nuestro ricachón patrio le corresponderían 32,45 millones de euros (el 1%). Sin embargo, como la compañía pagó un impuesto sobre sociedades de 846 millones de euros, la sicav de nuestro acaudalado inversor solo podrá apropiarse de 23,99 millones. Sobre tales beneficios, deberá abonar el famoso impuesto del 1%, reduciendo su monto a 23,75 millones. Y si, finalmente, nuestro inversor desea distribuirse ese capital desde la sicav a su cuenta particular para así poder gastarlo en asuntos personales, entonces deberá abonar por IRPF un tipo del 23%, lo que hará que minore hasta los 18,28 millones de euros. O dicho de otro modo, pese a estar utilizando una sicav, las ganancias de 32,45 millones de euros quedarán finalmente reducidas a 18,28 millones: un tipo efectivo de casi el 44%.

Podemos pidió al Gobierno eliminar estos vehículos, usados por las grandes fortunas para administrar sus inversiones con la misma fiscalidad que los fondos
En definitiva, las sicavs no evitan que las rentas del capital soporten una onerosísima fiscalidad: las empresas en cuyas acciones se invierte pagan impuestos sobre sus beneficios y sus partícipes también lo hacen cuando se distribuyen las ganancias. Lo único que evitan las sicavs —al igual que el resto de instituciones de inversión colectiva— es la extraordinaria tributación de la rotación de posiciones financieras: esto es, si una sicav vende Telefónica (porque cree que está sobrevalorada) para comprar Inditex (porque cree que está infravalorada), esa sicav no pagará el gravamen ordinario del impuesto sobre sociedades (25%), dado que, si lo hiciera, se vería fuertemente desincentivada a cambiar la composición de su cartera y, por tanto, a reajustar los precios de los activos financieros a niveles más realistas. Pero lo que en ningún caso evitan las sicavs es que los inversores se libren indefinidamente de pasar por la caja del erario.

Tan razonable es, de hecho, que los inversores no padezcan unos gravámenes desproporcionados cuando modifican la composición de sus carteras que las sicavs no solo no deberían ser eliminadas —como pretenden ejecutar ahora PSOE y Podemos— sino que deberían ser extendidas al conjunto de la comunidad inversora, incluyendo a aquellos inversores con un minúsculo volumen de ahorros: esto es, lo que deberíamos promover es que se rebajara la tributación de las plusvalías del capital financiero al 1% cuando estas sean reinvertidas en adquirir otros activos financieros, no que se aumente al 25%. Una sicav para la gente; una sicav para todos y para todas.

91 comentarios sobre “JUAN RAMÓN RALLO Las sicavs sí pagan impuestos (El Confidencial)

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