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Spain must increase indirect taxes: IMF

MADRID: The International Monetary Fund (IMF) has said that Spain should expand the indirect tax burden to boost the economy and put debt on a downward path. The IMF has recommended that Spain raise excise duties and environmental levies, and gradually phase out value-added tax (VAT) concessions. The Fund said in its 2015 Article IV consultation report for Spain that ... Read More »

Spain unemployment declines 70,028 sharply in July

MADRID: Spain’s unemployment logged its biggest drop for July since 1998, data from the labor ministry showed Tuesday. The number of registered unemployed declined 74,028 in July. This was the sixth consecutive decrease in unemployment. Compared to the previous year, unemployment decreased 373,584 in July, the largest annual reduction in historical series, the ministry said. Unemployment among youth aged below ... Read More »

Spain urges to raise energy taxes for 2015

MADRID: The International Energy Agency (IEA) said in a new report that Spain needs to reform energy taxation and introduce revenue-neutral fiscal incentives to encourage greenhouse gas reductions and energy efficiency improvements. The report, Energy Policies of IEA Countries: Spain – 2015 Review, stressed that although Spain’s greenhouse gas emissions from energy use have been declining, they need to be ... Read More »

Spain expects to be a top job creator in 2016

MADRID: Projections released on Thursday predicted that Spain will be one of the top job creators among advanced economies in 2015 and 2016. According to the Organization for Economic Co-operation and Development (OECD), a group of the world’s advanced economies, Spain is expected to see job growth of 2.9 percent this year and 2.8 in 2016.This put Spain second only ... Read More »

Spain cut individual tax rates, tax payers can save €1.5b

MADRID: Under a tax reform package adopted at the end of last year, the personal income tax rates were to be cut in two phases, with the second phase scheduled for 2016. However, Prime Minister Mariano Rajoy announced on July 2, 2015, that the second phase of reductions would be implemented from the beginning of July. Under the changes, the ... Read More »

Spain to receive 17 LNG cargoes in August, reload 3 vessels

MADRID: Spanish LNG terminals will receive 17 LNG cargoes in August and reload three vessels for a total net intake of 1.76 million cubic meters, according to initial nominations published by gas grid operator Enagas. The total amount of LNG incoming will be 2.16 million cu m, while the reloaded volume will be 400,000 cu m, the company said. By ... Read More »

Spain sees economy grows at 4% rate in first 6 months

MADRID: Spanish Economy Minister Luis de Guindos says the economy is growing at the strongest rate since the economic crisis began in 2008. De Guindos said Wednesday the economy is growing at a rate of close to 4 percent in the first six months compared with the same period a year earlier. That is half a percentage point more than ... Read More »

Spain sees economy grows at 4% rate in first 6 months

MADRID: Spanish Economy Minister Luis de Guindos says the economy is growing at the strongest rate since the economic crisis began in 2008. De Guindos said Wednesday the economy is growing at a rate of close to 4 percent in the first six months compared with the same period a year earlier. That is half a percentage point more than ... Read More »

Spain makes no regulation for Bitcoin transactions

MADRID: The Spanish government has repeated that it has no intention of introducing regulations governing the use of bitcoin, the digital currency which could conceivably change the way we use money in the future, at least until the European Banking Authority decides its policy regarding the issue. Bitcoin is gradually changing the way the world does business, and since it ... Read More »

Spain to make another €2.5 billion EU bank bailout payment

MADRID: Spain plans to pay back €2.5 billion ($2.8 billion) in bailout loans it received in 2012 from the European Union to bolster its ailing banks, the economy ministry said on Wednesday. Madrid will transfer the funds to the EU rescue fund in July — ahead of schedule — an economy ministry spokeswoman said. Spain has already reimbursed two tranches ... Read More »

Spain to make another €2.5 billion EU bank bailout payment

MADRID: Spain plans to pay back €2.5 billion ($2.8 billion) in bailout loans it received in 2012 from the European Union to bolster its ailing banks, the economy ministry said on Wednesday. Madrid will transfer the funds to the EU rescue fund in July — ahead of schedule — an economy ministry spokeswoman said. Spain has already reimbursed two tranches ... Read More »

Spain sees deal within day’s even Greece fears over bailout

ATHENS:  Greece government borrowing rates shot up Monday amid growing concern the country will be unable to meet upcoming repayments to the International Monetary Fund. Interest rates on two-year bonds “a gauge of default risk ” surged to 23.5 percent, while the Athens Stock Exchange dropped was down nearly 2 percent in midday trading. Greece is trying to reach a ... Read More »

Spain sees deal within day’s even Greece fears over bailout

ATHENS:  Greece government borrowing rates shot up Monday amid growing concern the country will be unable to meet upcoming repayments to the International Monetary Fund. Interest rates on two-year bonds “a gauge of default risk ” surged to 23.5 percent, while the Athens Stock Exchange dropped was down nearly 2 percent in midday trading. Greece is trying to reach a ... Read More »

Spain faces €19m EU fine on wrong Valencia debt figures

MADRID: The European Commission is considering fining the Spanish government 18.93 million euros for the “serious negligence” of the authorities in the region of Valencia in systematically failing to report complete health Spain faces 19-million-euro EU fine for negligence in reporting Valencia debt figuresservice spending figures when filing statistical reports. This false accounting took place from 1988 until 2011, but ... Read More »

Population of Spain declines by 170,392, as foreigners leave

MADRID: The central Spanish statistics institute, released figures showing that the population of Spain has declined for the third consecutive year, falling by 170,392 individuals during the year to a level of 46,600,949. On January 1st this year, the census counted 46,600,949 inhabitants in Spain, of which 41,882,085 were Spanish and 4,718,864 were foreign nationals. Amongst the foreign population, EU ... Read More »

Population of Spain declines by 170,392, as foreigners leave

MADRID: The central Spanish statistics institute, released figures showing that the population of Spain has declined for the third consecutive year, falling by 170,392 individuals during the year to a level of 46,600,949. On January 1st this year, the census counted 46,600,949 inhabitants in Spain, of which 41,882,085 were Spanish and 4,718,864 were foreign nationals. Amongst the foreign population, EU ... Read More »

Spain approves tax reform package on 17 April 2015

ATHENS: The Spanish Government approved a draft law to amend the General Tax Law, including measures to tackle tax fraud and overhaul value-added tax reporting rules on April 17, 2015. The law provides that the Government will disclose information about taxpayers that have tax debts of EUR1m (USD1m) or more or those that have been convicted of tax fraud. The ... Read More »

Spain budget deficit target at 5.8% in 2014

MADRID: The EU’s statistical office Eurostat has confirmed that Spain ended last year with a deficit of 5.7% of GDP, or Spain met 2014 budget deficit target of 5.8%5.8% if banking rescue packages are included, and that it therefore met its budget deficit target of 5.8%. At the same time Eurostat have also confirmed that the accumulated level of Spanish ... Read More »

Spain’s fiscal burden in 2014 remains highest in two decades

MADRID: The fiscal burden of companies and families in Spain in 2014 was the highest on record, according to the Tax Agency’s current series, which began in 1995. The statistics, which were updated several weeks ago, see the average rate for the main taxes income, value added, company and special taxes as high as 15.2%. The explanation for this lies ... Read More »

Bank of Spain projects 2.8% growth for 2015

MADRID: The Bank of Spain said that Spain’s economy accelerated in the first three months of 2015 due to higher household spending. Economic output expanded at an estimated 0.8 per cent from the previous quarter, the Bank of Spain said. It projected growth of 2.8pc for 2015 as a whole, up from the 2pc it forecast in December. Spain’s economic ... Read More »