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Spain’s tax revenue reaches over €6.5b in H1 of 2015

Spain’s tax revenue reaches over €6.5b in H1 of 2015

MADRID Spain’s tax revenue reaches over €6.5b in H1of 2015, a substantial increase on last year’s levels, according to Minister of Finance and Public Administrations Cristóbal Montoro.

The Minister said that tax revenue in the first six months of this year was 20 percent higher than the same period last year. He said that the country’s tax revenue during the past three years, which exceeded EUR40bn, was nearly EUR5bn more than revenue collections in the preceding four years. Tax revenues reached EUR12.3bn last year.

Montoro attributed the improved receipts to the Government’s efforts to improve tax collections and crack down on tax fraud. Noting the significant changes that were made to the personal income tax regime from July 1, he said the Government is aiming to create a more equitable tax system, with lower rates in particular for low- and middle-income earners. Prime Minister Mariano Rajoy announced on July 2, 2015 that the Government had brought forward planned income tax cuts to the beginning of July, from January 1, 2016. Under the changes, the number of tax brackets fell from seven to five, and a new minimum rate of 19 percent was installed alongside a top rate of 45 percent.