Spanish Government Pledges To Cut Estate Tax If Re-Elected

by Carla Johnson, Investors Offshore.com, London

06 December 2007

Spanish Prime Minister, José Luis Rodríguez Zapatero announced this week that he would do away with estate tax if re-elected in the country's 2008 general election.

Speaking out at a business conference in Madrid, according to reports, Zapatero announced that:

"One of the first decisions we would take at the beginning of the next legislature would be the elimination of the wealth tax."

He was quoted by Reuters as confirming that: "There is room for more tax reductions."

However, the electorate-courting pledge is thought to be causing concern for Spain's regional authorities, which reportedly receive around EUR1.4 billion annually from the levy.

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