Categories
Uncategorized

Spain’s Recovery Budget Comes with Tax Hikes

Spanish taxpayers are facing several tax hikes in addition to the two major taxes—a financial transactions tax (FTT) and a digital services tax (DST)—approved by Spain’s upper house less than two weeks ago. The coalition government this week presented the 2021 budget which includes a 53 percent increase in non-financial public spending from last year, […]

Categories
Uncategorized

Carbon Taxes in Europe

In recent years, several countries have taken measures to reduce carbon emissions using environmental regulations, emissions trading systems (ETS), and carbon taxes. In 1990, Finland was the world’s first country to introduce a carbon tax. Since then, 16 European countries have followed, implementing carbon taxes that range from less than €1 per metric ton of […]

Categories
Uncategorized

Spanish Taxpayers to Be Hit by Two Major Taxes in 2021

Spain’s upper house passed two major tax bills today: the financial transaction tax (FTT) and the digital service tax (DST).  Both taxes will go into effect in January 2021, three months after their publication in the Spanish Official Gazette. The FTT is a 0.2 percent tax on the purchase of shares of Spanish companies with […]

Categories
Uncategorized

Financial Transaction Tax Could Hit Average Spanish

Since Pedro Sanchez first became Spain’s Prime Minister in 2018 and, now, in conjunction with the left-wing coalition party, Unidas Podemos, he has been working to overhaul the Spanish tax system. The main measures to increase revenue entailed higher taxes for businesses and high-income earners. In the face of the economic shock delivered by the […]