Spain set to overhaul tax system

Spain set to overhaul tax system

Spain on verge of big tax cuts by next year

Spain’s economy minister has said his government is set to simply the Spanish
tax system and reduce top and bottom taxes.

Solbes told Spanish daily La Vanguardia that the government wanted
to unify capital gains tax and reduce corporation tax from 35% to 30%.

Solbes said the government wanted to restructure the tax system without
losing revenues.

‘Our aim is to maintain fiscal pressure. That means we intend to cover the
reforms with an increase in revenues from economic growth,’ Solbes was quoted as
saying.

The tax cuts go before Spain’s Parliament later this month and are expected
to be implemented next year.

Spain’s move comes as number of other European countries look into ways to
simplify their tax systems. German chancellor Angela Merkel has flirted with the
idea of flat tax, while the UK’s Conservative Party has set up a commission to
research the flat tax concept.

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