Sanchez Tells EU Self-Employed Rates Hike Will Pay For Bailout

SANCHEZ tells the EU his radical reform plan aimed at a rates hike for the self-employed will pay for the bailout

Just when the self-employed and small business owners in Spain thought things couldn’t get any worse, the president of the Spanish Government has made a firm commitment to the European Union to implement a steep increase in social security contributions in order to cover the cost of their €70million bailout.

Mr Sanchez has already presented his ‘Recovery, Transformation and Resilience Plan’ to the EU, according to OKDIARIO. The document contains a “new social security contribution system for self-employed workers for their real income”.

“It is about gradually introducing a new contribution system in the special scheme for self-employed workers (RETA) based on income from the economic activity performed.”

At a time when self-employed people have been crippled by industry closures and travel restrictions, this tax hike is most unwelcome news, and the agreement has already been presented to Brussels as a guarantee for repaying the loan of direct aid during the pandemic, so there is no going back now.

In what is sure to be of little comfort, the president of the Government has added that “the reform is aimed at the self-employed workers of the RETA, although its implementation will be done gradually to allow adaptation to the new regime.”

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