Rajoy announces fiscal reform which will 'substantially decrease' personal and company tax
Wednesday, June 4, 2014 @ 1:25 PM
A 'FISCAL reform' due to come into effect next year will see personal income tax and company profits duty 'decrease substantially', claims Spanish president Mariano Rajoy.
The PP leader has also announced a 6.3-billion-euro investment into creating employment.
IVA will remain at 21 per cent for top rate, with no decrease, and Rajoy (pictured here with German chancellor Angela Merkel) says he has no intention of increasing it despite the European Union putting pressure on him to do so.
In principle, the reform will include profit tax, or Impuesto sobre Sociedades, being reduced from 30 to 25 per cent, but it is not known how far income tax, which increased by over a third between summer 2010 and September 2012, will come down.
Rajoy has spoken cryptically of 'eliminating barriers' for start-up companies or traders and those branching out into new areas, and reducing obstacles affecting businesses' 'capacity for growth and expansion overseas'.
Other plans referred to, but with very little detail, include setting up a 'one-stop shop' for job-hunting, moves to guarantee work for young adults, and a complete overhaul of the professional training system.
He says he will actively encourage investment and the creation of job opportunites in 'more open sectors' which have a greater capacity for growth and international expansion, rather than 'more closed sectors' which are 'privileged through some type of in-house financial advantage or another'.
Read more at thinkSPAIN.com