Expand / The Government and the Popular Party are working to launch a new drop in personal income tax on January 1, 2017, according to sources of finance.
Although the European Commission is considering imposing Spain a penalty in July, just after the elections, for breach of the excessive deficit procedure, in the department headed by Cristobal Montoro they consider it feasible to fulfill the promise popular short term. While admitting that the tax decrease will be gradual.
In fact, the proposed reduction of the minimum rate of income tax (up to 12,450 euros annual revenue) from 19% to 17%, and the maximum (over 60,000 ) from 45% to 43%, it has survived for the elections on June 26, although analysts initially believed that the new reduction path red numbers could complicate the descent of this tax.
The other parties consider that this proposal is impossible. 2015 ended with a budget gap equivalent to 5% of GDP, instead of 4.2% expected.
From Hacienda do see feasible, however, to make a gradual income tax reform, as driven the last two years of the last legislature, but now claims to Spain Brussels new “structural effort” and stands at about 8,100 million euros needed to straighten the administrations budget adjustment.
From July, Spain could face a fine of up to 2,200 million if new austerity measures are not taken and could result in a suspension of European funds of up to 5.500 million.
new benefits in social security contributions Another measure in which the Treasury believes there is room for maneuver in social security contributions, although the social Security deficit amounted to 1.1% of GDP and organizations such as the Independent Revenue authority consider that this year could keep these red numbers or even rise.
The option of the Government is that these advantages contributions to promote employment is combined with a reform of the funding sources of this pillar of the welfare state, which would be negotiated under the Pact Toledo in Congress of Deputies.
despite the challenges in the public coffers, in campaign, from the Treasury and the PP rule out is to climb back VAT, but also exclude a downgrade, nor plan to touch the income tax, the government has managed to pass to raise 16,611 million in 2011 to 20,649,000 in 2015, up 10.3%.
However, other sources of PP admit that it is likely that a new tax reform PP, necessary Up or environmental taxes, a reform that was pending in the past and it would be essential to restore purchasing power to the Spanish employees through personal income tax
SPAIN. the PP says it will lower personal income tax on January 1 if he wins the elections
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