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Tax amnesty far from government target

Source: Reuters - Mon 3rd Dec 2012
Tax amnesty far from government target

A Spanish tax amnesty aimed at boosting revenues from a recession-bound economy raised less than half its 2.5 billion target for 2012, the Treasury Ministry said on Monday.

The amnesty, criticised for pardoning tax evaders with a reduced rate while the government increased income and service taxes on most taxpayers, brought in just 1.2 billion.

Spain has been struggling to avoid being sucked into the euro sovereign debt crisis and is widely expected to seek an international bailout eventually.

Its tax amnesty offered a reduced tax rate of 10% on up to 5 years of previously undeclared earnings for individuals who made their hidden income official.

Spanish tax revenue has fallen sharply over the last 4 years as companies struggle to survive and a 25% unemployment rate deters consumers from spending.

The amnesty formed part of a programme of tax hikes and spending cuts worth over 60 billion, or more than 6% of GDP, to the end of 2014.

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