Palma01/07/2020 01:15
The Spanish government has gone on a major spending spree splashing the cash in all sectors. Ofcourse, it was needed after three months in lockdown. Billions has been committed. But the question now has to be asked...where is the money coming from? Spain doesn't have vast reserves of cash and the Spanish government will have to borrow heavily to finance all their commitments. While Spanish Prime Minister Pedro Sanchez has talked about most topics he has never mentioned raising taxes...but this is probably the only way unless he has a magic wand.
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One can’t pay consumption taxes (IVA) and income tax applied on salaries somewhere else. Nor property, vehicle or townhall ones. You are talking about undeclared income, whatever it’s source, and that is a different kettle of fish all together. Don’t expect politicians to declare their bribes any time soon.
If the Spanish Government was more pro-active in getting people to pay their taxes, the country would be in a much better financial position. I know many people living in Mallorca who still pay their taxes in their "home" country and also some who pay no taxes anywhere Those who have higher incomes can pay financial advisers and are often guilty of tax evasion, tax avoidance or have their money "offshore". It´s high time the Spanish Government got it´s act together.
Unlike Sanchez, Boris can just print more money. As Sanchez is already vastly overdrawn, owing nearly his entire anual salary, he is going to have to rely on the bank honouring his credit card disposals as his debit card is pending renewal.