Spanish government to up tax to raise €4.6 billionStaff Writer | December 3, 2016
The Spanish Cabinet approved the budget plan that it will send to the European Commission.
Europe Limiting the fiscal benefits
To do so the budget includes a number of tax rises, including those related to company tax as well as special levies on tobacco, high-grade alcohol (beer and wine are not affected), and a new duty on sugary drinks.
With these measures, the government is hoping to raise around €4.6 billion.
The majority of the increased revenues will stem from company tax, through which an additional €4.3 billion is expected to be collected.
The government will do this by limiting the fiscal benefits of the regulations, bringing it into harmony with new criteria set out by Brussels. ■