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Spain Posts On-Year Tax Increase In June 2013

by Ulrika Lomas,, Brussels

01 August 2013

The Spanish Government has published details of the country's public finance situation as at the end of June 2013, highlighting the fact that tax revenues have risen on the year by a total of 4.68 percent.

After the first six months of the year, the Government recorded a deficit of 3.81 percent of gross domestic product (GDP), down from 4.15 percent of GDP the same time last year.

Revenues collected from taxes levied on production and imports stood at a total of EUR17.07bn (USD22.6bn) as at June 2013, up 16.3 percent compared to the same period last year. Value-added tax (VAT) revenues rose year-on-year by 16.9 percent, standing at EUR12.25bn. Other taxes on production and imports were up 14.9 percent, primarily due to environmental taxes, including the carbon tax and the special tax imposed on hydrocarbons, on natural gas, on fuel oil, and on diesel.

Commenting, Spain's Finance Minister Cristóbal Montoro explained that these figures show how "the Spanish economy has reached a turning point and that, from now on, we face a different path in terms of regaining economic activity, strengthening our economic growth and achieving job creation sooner rather than later."

He stressed that the public deficit reduction "lends strength to the changes taking place in our economy, to the end of economic recession." The Finance Minister placed special emphasis on the growing tax revenue – up 4.6 percent – because "when tax revenue increases, it means an economic change is taking place in the country, there is clear improvement in the indicators, reason for which we can look forward with confidence and hope in being able to say that in the second half of 2013 that the recession has ended in Spain, and has ended thanks to the collaboration and consolidation of the public accounts and the cleaning up of the state deficit, which is contributing to economic recovery."

TAGS: environment | Finance | tax | value added tax (VAT) | gross domestic product (GDP) | environmental tax | carbon tax | Spain | European Union (EU) | Europe | Other

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