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New Build Property Tax Reduced to 4 pct

Fri 19th Aug 2011

The Spanish Government has today announced plans to try to control the severe problems currently being faced in the ailing property market.

The government has proposed to temporarily reduce the amount of tax payable on new homes to 4%, from a previous 8%, in an attempt to stimulate the construction sector.

It is also hoped that a resulting increase in new building projects will help create jobs and therefore reduce unemployment levels, which are currently hovering at around 20% and are the highest in the eurozone.

Other measures intended to stimulate the weakening economy, reduce the country's deficit and increase employment are expected to be announced.

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