Spanish Prime Minister José Luis Rodríguez Zapatero has announced that his government is seeking to steer through cuts in taxation for both small and large companies which could go into effect from next year.
In an attempt to bring Spanish company taxes more into line with international rates, Mr Zapatero stated at an event organised by The Economist magazine in Madrid on Monday that taxation on small companies will be reduced to 25% and for large businesses to 30%.
According to the Prime Minister, these cuts would be brought about "within a reasonable timeframe," possibly in time for the 2006 financial year.
Mr Zapatero also announced that the government intends to reform the personal income tax system to "reduce fiscal pressure on earnings" and to make taxation "simpler and fairer".
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