Spain proposes to levy new tax to meet EU demands
Spain's government has proposed to levy a new tax on pollutant-producing businesses as part of its efforts to meet a budget outlay devised by the European Union (EU).
Media reports said on Sunday that the new environmental tax, which aims to earn the government about 500 million euros ($528 million) and reduce greenhouse gases causing global warming at the same time, is part of Madrid’s new budgetary plan.
The proposed government budget will need approval in the Spanish parliament for it to be executed.
The government's revised budgetary plan also includes a formerly announced tax hike on tobacco and beverages, which will raise 350 million euros ($369 million).
The plan proposes to cut tax breaks for businesses to generate more cash for the government.
In total, the government says it hopes the revised budgetary plan reduce the country's budget deficit by 7.5 billion euros ($7.9 billion).
However, even with the new measures, Madrid says in order to meet the target agreed upon with Brussels, it is counting on continued "strong economic growth."
By adopting the new measures alongside economic growth, Spain's government is trying to reduce its deficit from an expected 4.6 percent of the GDP this year to an EU-agreed 3.1 percent in 2017. Otherwise, Madrid could face sanctions by the EU.
Madrid's deficit soared to 11.2 percent in 2009 during its economic crisis.
Spain's economy, which grew 3.3 percent through the first three quarters of 2016, is now one of the quickest growing in the 28-nation EU.
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