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Spain News Today

Spanish news in English

Saturday, November 23, 2024

Spain's New Tax Reforms Face Opposition

Published: 2024-11-12

The Spanish government, led by the PSOE and its coalition partner Sumar, has proposed a series of tax reforms aimed at increasing public revenue and promoting fiscal equity.

Key measures include a 21% VAT on tourist apartments and higher taxes on luxury goods such as yachts and high-end cars.

The reforms also propose maintaining a special tax on banks, despite opposition from some financial entities.

However, the proposed reforms have faced significant resistance from coalition partners ERC and Podemos, who oppose the removal of the energy tax.

This disagreement has led to the postponement of a parliamentary committee meeting intended to approve the measures, highlighting the challenges the government faces in securing the necessary support for its fiscal agenda.