Government plans property tax beyond 1 million
07.06.2010
The Spanish Government is to approve, by two weeks time, a special new property tax on individuals whose income, savings, shares and companies are amply in excess of one million euros, according to anticipations by various media.
The Executive plans to accelerate its approval by the Cortes, so that it may become effective as soon as possible, by the end of the year. The new levy, which Europe Press sources say should be similar to the cancelled property levy, will only concern tax-payers whose earnings are above the one million mark.
This will be in addition to further cuts for 15 billion in public spending by 2011, announced a week ago by Premier José Luis Rodriguez Zapatero, and to be approved in this evening's Cabinet meeting. The objective is to reduce the 11.2% 2009 deficit by about 5.2 points by 2011, to reach 3% in 2013, by means of 5% salary cuts for 2.8 million public-sector officials, pension freeze, cancellation of the 2,500 Euro baby-cheque for each newborn child, and an over 6 billion reduction in investments in public works.
Government sources, cited by Efe, assure that the new tax is in an advanced phase of preparation, but that it will not be approved in today's Cabinet meeting.
Source: ANSAmed
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