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Spain's retirement age set to change

Mon 23rd Aug 2010

Spain's Minister for Tax and the Economy, Elena Salgado, will not rule out any changes to the tax take as the country continues to fight to reduce the deficit. She said that the deficit will fall within the target for 2010, but that next year's budgets will be ‘more difficult'. She went on to say how the government will need to be ‘very prudent and demanding'.

The main target is to reduce the deficit to 3% by 2013, and Salgado has said that she believes that this target would be met, though she would not say that the thought it could be approved on.

The Minister also confirmed the government's intention to raise the retirement age, declaring that there is no other option. Earlier declarations have indicated a change from 65 to 67. She indicated that there are no plans to change company tax at this time.

The Spanish Government has meanwhile forecast a growth in GDP for 2011 of 1.3%.

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