The incoming Spanish finance minister Miguel Sebastian, told the Financial Times this week that the new Socialist government plans a radical overhaul of the taxation system as part of its economic pledges.
Seeking to convey the message that the new government will adopt “market friendly” policies, Sebastian, a former central bank economist, told the paper that he plans to oversee an “orthodox” economic programme based on fiscal responsibility, liberalization and a “big overhaul” in the area of tax.
The future minister pointed out that the tax burden had risen under the eight-year tenure of the Popular Party, ousted from power in Sunday’s election, due in large part to the erosion of tax allowances by inflation.
Sebastian revealed that he intends to concentrate on reducing taxation for those on lower incomes, and to clamp down on tax evasion as part of an overall simplification of the tax process.
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