May 23rd, 2013
Spain?s Minister of Economy and Competitiveness, Luis de Guindos, said on Monday that 2013 is a ?transition year?, paving the way for the lowering of income tax in 2015. During the presentation of the food industry?s internationalisation strategies, along with the Minister of Agriculture, Food and Environment, Miguel Arias Ca?ete, the Minister of Economy stated: ?2013 is a transition year in which we have to complete the correction of our imbalances. The recovery phase will be very clear in 2014, while this year will go from less to more and we anticipate that in the last quarter of the year the economy will have stabilised?.
De Guindos indicated his confidence that this economic recovery will allow the income tax to be reduced in 2015, and supported the statements of the Finance Minister, Cristobal Montoro, in which he claimed he wanted lower taxes, saying: ?I agree with the Minister of Finance?s statements, which demonstrates our stability program. The tax reduction is feasible?.
At the same time, as reported by Diario Sur, De Guindos expressed his opposition to the Institute for Fiscal Studies? (IEF) report, which indicates the need for a reduction in pensions of between 22% and 45% in order to ensure the sustainability of the system. ?The Government does not share the conclusions of this report and would question its seriousness because it is very easy to make a headline,? he said, and stressed that the pension system is ?guaranteed? due to the ?gradual reforms? being carried out by the Government.
Regarding the public debt, De Guindos emphasised that so far this year over 55% of the financing needs for 2013 have been covered. ?We accelerated funding requirements because we believe that the interest rates are appropriate. It seems relevant to me that funding is being projected at lower costs,? he said.
Finally, the Economy Minister said he was confident that ?positive messages regarding the commitment to the banking union? would emerge from the European Council this week. ?A year ago the problem was doubts over the future of the euro ? that has dissipated and now we are in doubt over Europe?s capacity for growth. Now we need to move forward together in order to get Europe out of the recession,? he concluded.
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Source: http://news.kyero.com/2013/05/23/economy-minister-confident-of-lower-income-tax-in-2015/
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