NO INCOME TAX FOR LOWER EARNERS

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The President of the Government, Mariano Rajoy, has further announced that taxpayers who earn less than 12,000 euro a year will not pay income tax from 2015, election year, and that some 12 million workers will benefit from a tax rebate that the government sent to Parliament in June.

During the first day of the State of the Nation debate, in which he also announced reduced Social Security contributions for new permanent contracts, Rajoy said the new income tax will ease the burden on middle and low income workers, with 12 million people becoming exempt from the liability of income tax.

Rajoy also announced a “significant” increase in minimum personal care allowance for children and disabled dependents of the family unity.

“After mitigating many of the requirements that we set, it is now possible for tax reform to reconcile fiscal consolidation with a thorough review of the tax system”, Rajoy said, after stating that the new tax model will consolidate growth and improve competitiveness, will foster job creation and social measures including support for families and people with fewer resources.

Filed under: http://www.theleader.info/article/42760/

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