(MENAFN) The Spanish government had announced plans to raise taxes in order to reduce public deficit and meet the European Union (EU) deficit target, and it expected to collect USD7.9b in taxes so that the deficit falls to the 3.1% requested by the EU in 2017 from 2016 target of 4.6%.
Accordingly, Finance Minister explained that most of the money, 4.3b euro, would be from an increase in company taxes, while the rest would be related to anti-tax fraud measures and taxes on tobacco, alcohol and sugary drinks.
Moreover, the government set the spending limit at 118.337b euro for 2017, which meant a 5b euro fall when compared with 2016, and economic forecasts revised up for this year and 2017 from the former 2.9% to 3.2% and from 2.3% to 2.5% respectively.
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