Spain decides on new tax increase and government spending cut

Note: This section contains information in English only.
Source: Bloomberg
The Prime Minister of Spain, Marianno Rajoy, announced new tax boost and government spending cuts of EUR 65 billion. Sales levy will be increased from 18% to 21%. To lower government spending unemployment benefits will be reduced and no tax rebate will be provided for home buyers. Moreover local governments will be consolidated, while not all public workers will receive bonus at the end of the year. Spain's target is to lower budget deficit, which was 8.5% in 2011, to 6.3% by the end of this year
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Wed, 11 Jul 2012 12:26:57 GMT

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