Medidas Ajuste Fiscal

MINISTRY OF ECONOMY
AND COMPETITIVENESS

13-VII-2012

ADDITIONAL FISCAL MEASURES UNDERTAKEN BY THE SPANISH
GOVERNMENT ON JULY 13th, 2012


The Spanish Government has presented additionalfiscal measures designed to achieve
Spain’s
deficit
targets
convened
with
the
European
Commission
in
the
framework
of
the

Excessive Deficit Procedure.



These measuresinclude, among others:
o
o

A substantial review of the unemployment benefit regime and of social security
contributions.

o

Measures to increase the efficiency of the public sector and toreduce the public
sector wage bill.

o


A significant increase in tax revenues, including VAT, corporate income tax,
personal income tax and excise duties.

A frontloading of thesustainability factors in the pension system.

The estimated impact of these measures is approximately 13.5 billion euros in the
remainder of 2012, 22.9 billion euros in 2013, and 20 billion euros in 2014.This
calculation excludes the valuation of the impact of further measures, including
Energy and Environmental taxation, which will be announced at a later date.

Estimated impact of the fiscalmeasures announced on July 13th
(In
€
bn)
VAT
Corp. Income Tax
Excise Duties
Pers. Income Tax
Additional Expenditure cuts
Public Services
Employment
Social Security
Dependency Law
TOTAL

2012
2.30
2.59
-0.06
0.15
1.00
5.43
1.90
0.07
0.16
13.53

2013
10.13
2.45
0.39
1.93
0.00
1.92
5.81
-1.15
1.39
22.86

2014
9.67
2.45
0.39
2.04
0.00
1.87
6.05
-3.891.47
20.05

TOTAL
22.10
7.49
0.73
4.11
1.00
9.22
13.76
-4.98
3.02
56.44

These measures are additional to those already announced in the 2012 Central
Government Budget in April 2012,and to the Economic and Financial plans presented
by the Autonomous Regional Governments in May 2012.

 This package has been approved by the Central Government and will enter into force...