CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Spain To Raise Environmental Taxes

Spain To Raise Environmental Taxes

by Ulrika Lomas, Tax-News.com, Brussels

26 December 2016


New environmental taxes will form a key part of Spain's attempts to meets its budgetary commitments under European Union fiscal rules.

According to the revised budget plan for 2017 sent to the EU earlier this month, the Government plans to raise an additional EUR500m (USD522m) a year from environmental levies. While the plan does not go into much detail, it says that the taxes will target carbon emissions.

The Spanish Government announced a revenue-raising Budget on December 2 that will increase the tax take from corporations.

While the recently formed Government chose to leave the 25 percent corporate tax rate intact, Spain will restrict corporate tax deductions. These will contribute much of the EUR7bn in new revenues the Government is targeting.

The Budget imposes new limits on loss carrybacks, and restrictions on the use of losses linked to shareholdings in companies located in "tax havens or in territories that do not an appropriate level of tax," among other changes.

In addition, property values will be updated for the immovable property tax, to boost revenues. The Government also intends to raise a number of "sin" taxes, including those on alcohol, tobacco, and sugary drinks.

Spain's budget deficit is expected to reach 4.6 percent this year, and the country faces an EU fine unless it can reduce the deficit to three percent or lower next year.

TAGS: environment | tax | property tax | budget | environmental tax | Spain | Europe

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »