Spanish government anticipates Tax to meet the deficit – The Star of Panama

The Spanish Government approved the advance payment of corporation Tax on the part of companies to comply with the public deficit goal of 4.6% of Gross domestic Product (GDP) for this year.

The vice-president of the Government, Soraya Sáenz de Santamaría, explained to the press that the Executive negotiates with the parliamentary groups a proposal of Law to reform the Law of budgetary Stability, with the aim of being able to move the new deficit targets set by the European Commission to the regions.

This change will involve the collection of 8,000 million euros additional for the reduction of the public deficit, according to the official estimate.

starting in October, all the companies that billed more than ten million euros will have to pay a 23% of its accounting results, in both the credit institutions and the companies that exploit deposits of hydrocarbons will be subject to a 25%.

Banks and oil companies are the only companies that are paying a general rate of 30% on the corporate Tax, since the rest were dropped to 25% in the fiscal reform approved by the Government of Mariano Rajoy in 2014.

the processing of The proposition would take place in the Parliament as the Government, which currently lacks skills full does not have the capacity to present it, so that it is necessary to the support of the parliamentary groups.

In regard to the reform of the corporate Tax, the vice president pointed out that this is not a tax increase but rather 'a change of methodology of payment by instalments’.