New Fiscal Policies in Spain to boost growth


The Spanish government has approved a new package of fiscal stimuly to stimulate economic growth. The new package is focussed on the "IRPF" or tax on the income of natural persons. These new measures consist mainly of support- and investment plans but they also contain a large section of new fiscal benefits.

The package would serve to give an extra impuls to the Spanish industry and specially to the Small and Medium Enterprises that, according to the current government "form the backbone of the country and will be lead the way to exit and recovery from this crisis. For the SME´s the package focusses on accelerating VAT refunding and also reducing income tax.

The new measures take effect directly and can be already applied to the tax declaration and income statement of 2008. For people who already turned in their tax declaration an option is included so they could change their submitted declaration.

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