There is a rush. A hurry by the government to make citizens perceive the effects of the tax cut. Finance has pressed the accelerator to the average reduction of 12.5% (8.06% in 2015 and the remainder in 2016) in the income tax (PIT) was already noticed in payrolls January.
The State Secretary of Finance, Miguel Ferre, says his department is finalizing the wording of the regulations that accompany tax reform for businesses sufficient time to adapt to withholding wages new tax framework. The idea is that these take effect immediately after passage of the bill in Congress.
After participating in a conference organized by the Association for the Advancement of Management (APD) Mediterrránea area of Barcelona, Ferre has estimated that income tax cuts along with corporate tax and changes in VAT regulations will be tested in late November.
The Government is keen that citizens perceive and on the payroll tax cut. “The goal is that in the January 2015 payroll can already notice the reduction of the income tax.” The ministry does not want delays that prevented the rise in income tax for 2012 approved and could be applied from eneo that year and had to be delayed until February occur.
Ferre has reiterated that “it is right time “for that tax reform will contribute to strengthen the economic recovery. He also stated that reform is “sustainable” and, thanks to drive growth, will support deficit reduction.
Speaking at the time, recalled that the Government’s objective is that the State revenues are placed at about 38% or 39% of GDP and public spending, “without further adjustment” is reduced from 43% of GDP to 40% / 39% environment.
A turn said that the reform of the tax law generally, including inter alia the publication of the list of defaulters with public administrations, going further back.
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