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Spain’s fiscal effort outstrips EU average by 17.8%: IEE

On Wednesday, the Institute of Economic Studies (IEE) released a report that revealed Spain’s fiscal effort is 17.8% higher than the European Union’s average. The forecasted fiscal pressure for 2023 is expected to reach around 39%, as indicated in the Tax Competitiveness 2023 report. This increase in fiscal pressure is a result of new taxes and reforms that have been implemented, affecting business taxation, savings, and investments.

According to the report, Spain’s overall tax pressure on companies and entrepreneurs remains higher than the EU average. Specific data shows that Spain’s Corporate Tax and social security contributions from businesses represent a larger percentage of GDP compared to the EU average. Additionally, personal Income Tax in Spain is more progressive in nature than other countries, contributing significantly to regulatory fiscal pressure.

The IEE highlights that Spain’s regulatory fiscal pressure is significantly higher than the EU and OECD averages, particularly in the case of corporate tax and property tax. The tightening of business taxation in Spain is expected to slow down economic growth according to IEE president and general director.

In order to support economic growth and investment, Spain needs to address its tax competitiveness and reduce regulatory fiscal pressure by comparing with other European and OECD countries better understanding the impact of its tax policies on businesses and individuals.

By Samantha Jones

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