Spain makes progress in fiscal consolidation by the corporation Tax – Investing.com Spain

MADRID (Reuters) – The public deficit of the general government until the month of September, excluding municipalities, was reduced slightly and stood “in line with compliance with the budgetary stability target scheduled for 2016″, said Tuesday the Ministry of Finance in a press release.

The deficit of the Public Administrations amounted to to 3.11 percent of Gross domestic Product in the first nine months of the year as compared to 3.34 per cent in the same period of 2015.

the Treasury made it clear in his note that fiscal consolidation would continue to move in October due to the reform of corporate Tax that drives the tax collection in the final stretch of the year.

“Until the month of October, the State has recorded a deficit of 21.656 million euros, which is equivalent to 1,94 percent of GDP. This deficit ratio is lower than 0,61 percentage points to that registered in the previous month, when it stood at 2.55 per cent of the GDP,” the ministry said.

Spain has set as its objective to reduce the public deficit to 4.6 percent of GDP this year, after registering a deficit of 5.1 percent of GDP last year.

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