Taxes on the rise

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THE Spanish government has announced that it will be able to raise €4 billion for the Treasury by raising corporation and fuel tax, as well as a financial transactions tax.

Finance Minister Maria Jesus Montero said those who earn over €150,000 a year will also see their income tax rate rise to 52 per cent, bringing in a further €400 million.

Prime Minister Pedro Sanchez has hinted that he wants to raise Spain’s tax payments as a percentage of GDP from 38 per cent to 46 per cent, in line with the European average.

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But opposition party Podemos does not believe that PSOE is doing enough to raise revenues, and believes tax increases for the wider public can be achieved without causing undue hardship.

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