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Tag: #Spain

Spain increases the burden of the corporate tax

The government of Spain declared growth of a budget income on December 2, that will increase tax revenues from corporations. In spite of the fact that recently created government decided to leave the 25 percent corporate tax rate untouched, Spain will limit the corporate tax deductions. They will contribute the most part of 7 billion euros in the new income at which the government is aimed. The Budget imposes new limits on loss carry backs and restrictions for use of the pecuniary losses connected with shareholdings in the companies located in "tax harbors or in the territories with not appropriate level of a tax" in number with other changes. New measures of the corporate tax, as expected, raise the additional amount of 4.65 billion euros in revenue for the government. Besides, real estate value will be updated for property tax to increase revenues. Also, the government intends to lift a number of "guilty" taxes, including on alcohol, tobacco, and sweet drinks. Other changes are directed on modernization VAT and the fight against fraud VAT. It includes a new reporting system of the VAT in real time which announced in 2014. Taxpayers will be obliged to report about...

The EU given time to fix of the budget deficit

Spain and Portugal

The European Council overturned the fines for Spain and Portugal for infringement of excessive deficit rule and established a new "fiscal path" for each country, which will have to follow. Such action follows from the preceding Council decision on the fact that Spain and Portugal have not taken effective measures to correct its excessive deficit and will now have to implement the recommendations made by the European Commission in their respective fields. In July, the Council confirmed that Spain and Portugal have not been able to reduce its deficit to below three percent of gross domestic product (GDP) for the time. Once provided financial assistance amounting to 78 mrad euros (86.9 billion dollars) from the EU, the eurozone and the International Monetary Fund (IMF) in 2011, Portugal was not able until 2014 to bring its deficit in line with EU expectations. For this reason, in June 2013. The Council further extended to 2015 and set targets deficits of 5.5% of GDP in 2013, 4% in 2014 and 2.5% in 2015. Portugal was able to achieve a given economic restructuring program in June 2014, but in 2015 the general government deficit was 4.4% of the country. The July...