Cost Of Cigarettes And Drink Set To Rise – the Spanish Finance Minister has indicated that there will be tax increases
Cost Of Cigarettes And Drink Set To Rise
Cristobal Montoro, the Spanish Finance Minister, has indicated that taxes on cigarettes, alcohol, and fizzy drinks are going to increase. At the moment it has not been said how much extra tax will be added to these things. Spain is battling to reduce the national deficit to less than 3%. This is seen as a way to help bring that figure down.
Reducing The Deficit
Other measures aimed at reducing the national deficit include reducing the number of rebates made to companies, which could save €4.3 billion. Unemployment is a major factor in the national spending, though the number of people claiming unemployment support has fallen.
The Government’s Goals
The deficit currently stands at 5.1%. The government is aiming to reduce that to 3.1% by the end of 2017, which equates to a reduction of €16 billion. The next step will be to reduce that deficit to 2.2% by 2018.
Written by Dave James
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