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Spain Presents 2015 Budget

by Ulrika Lomas,, Brussels

02 October 2014

Spain's 2015 Budget, presented by Budget Minister Cristobal Montoro on September 30, 2014, contains a number of measures aimed at stimulating economic growth, including cuts to the corporate and personal income tax rates.

Montoro said that personal income taxes will be reduced by an average of 12.5 percent, with those on medium and low incomes being the main beneficiaries of the cuts. The main corporate tax, meanwhile, will be cut from the current 30 percent to 28 percent.

The Budget Minister also said that the tax on wealth exceeding EUR700,000 (USD884,080) would be extended for one year.

The Spanish Government's tax revenue is expected to reach EUR186bn next year, up from the EUR177bn forecast for this year, Montoro said.

The Government is persisting with tax cuts despite the fact that the budget deficit will be 4.2 percent next year (after an estimated 5.5 percent this year), taking the country's public debt up to 100 percent of GDP.

TAGS: tax | budget | corporation tax | tax rates | Spain | tax reform | individual income tax

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