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Spain's Finance Minister Cristóbal Montoro has confirmed that cuts to individual income tax (IRPF) will be phased in from January 1, 2015.
He said that a program of IRPF reductions will be drawn up, which will ensure that the tax cuts are not all implemented over a single year. He made clear that the country's low-income earners will benefit most from the tax relief.
Recent improvements in revenue collection will give the Government greater financial scope to lower taxes, Montoro said.
Finally, Montoro said that the Government will consider changes to the allocation of fiscal revenues to local authorities, and review the fiscal autonomy of provinces.
The expert group tasked with drafting the cornerstones of the tax reform will submit its report to the Council of Ministers on March 14, 2014.
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