• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
Oneindia App Download

Spain plans temporary wealth tax amid high inflation

|
Google Oneindia News

Madrid, Sep 23: Spain's left-wing government said it would slap a temporary tax on the wealthiest 1% of the country's population to help pay for inflation relief measures.

"We are talking about millionaires, those who are in the 1% of income," Finance Minister Maria Jesus Montero told the laSexta television channel on Thursday.

Spain plans temporary wealth tax amid high inflation

She said it was important that "we can finance the aid" to support "the middle class and workers" but did not provide details on the tax rate or how much it would raise.

The government has introduced a raft of measures to help people cope with soaring prices, such as free public transport, stipends for students to stay in school and subsidized petrol.

France could 'examine' gas link from Spain to GermanyFrance could 'examine' gas link from Spain to Germany

The country's annual inflation rate hit 10.4% in August. It has remained in double digits since June, a level not seen since the mid-1980s.

Spain already targeting banks and energy firms

In July, the government introduced a bill to create a temporary levy on banks and large energy companies.

"We are going to use a similar scheme to that for energy companies and banking. For the next two years...the big fortunes of this country will be asked to make a temporary effort," Montero said on Thursday.

How Spain is coping with the heatHow Spain is coping with the heat

She still has to negotiate the plan with her Socialist party's coalition partner Unidas Podemos and acknowledged that parliamentary approval procedures mean it might not be ready by the start of 2023.

Source: DW

For Daily Alerts
Best Deals and Discounts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X