Spain raises taxes to trim deficit


11/07/2012 11:15 AST  The Standard

Spanish Prime Minister Mariano Rajoy said he would raise the value-added tax by 3 percentage points to 21 percent as part of a large package of tax increases and spending cuts aimed at trimming the public budget by 65 billion euros (HK$618.1 billion) over the next 30 months, Reuters reports.

Spain is struggling to meet tough deficit cutting targets that it has agreed on with the European Union. This week the EU agreed to give Spain more time, until 2014 instead of 2013, to reach a public deficit of 3 percent, and the country's deficit goal for this year was also relaxed, to 6.3 percent of GDP. However, even that easier target is seen difficult for the country to reach.

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