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Spanish treasury minister hints at future tax cuts

Xinhua, June 15, 2015 Adjust font size:

Spanish Treasury Minister Cristobal Montoro hinted on Monday at future tax cuts by the government of Mariano Rajoy.

Speaking at the inauguration of a course, "The new economic model: lessons from the crisis," which is organized by the Menendez Pelayo International University and the Association of Economic Journalists (APIE) and sponsored by the BBVA Bank, Montoro said that as the Spanish economy continues its climb out of the economic crisis, the government will transmit the improvement to taxpayers.

The minister spoke of "tributary reform," but insisted this reform would be to income tax, rather than any reform of sales tax.

"The margins continue to be within that of direct imposition," he said, arguing that changes to indirect taxes needed to be approved by the European Union and there "is hardly any margin to lower them."

Last week saw both the International Monetary Fund and the Bank of Spain increase their estimations for Spain's growth to around 3 percent for the current year, although both organizations also asked for further reform of Spain's labor laws and an increase in sales tax to ensure the recovery continues. Endit