THE TAX MAN DEDUCTED 5,907 MILLION EUROS FROM WAGES

A total of 617'699 people living in the Balearics received 8'918 million euros in wages, pensions or unemployment pay last year, according to a report drawn up by the tax office and released yesterday. This represented an increase of 5.05 per cent in the number of people and 9.1 per cent in the amount of money, the report said.
The number of people who received only a salary rose by 27'564 persons (8.75 per cent) to 342'413, while the amount of money they received rose by 10.2 per cent to 5'907 million euros. The report from the tax man revealed that average annual pay in the Balearics rose by 1.39 per cent to 17'252 euros, while the average amount of income tax deducted from pay rose from 14.9 to 15.08 per cent. According to the statistics, the growth in employment, and to a lesser extent, in pay explains why the amount of income tax deducted by the taxman rose by 11.63 per cent last year to 890.9 million euros. When it comes to pensioners, the report indicates that numbers dropped by 333 to 137'673 people last year, and they received a total of 1'276 million euros. The average pension rose by 5.75 per cent to 9'275 euros a year.
The tax man deducted an average of 4.16 per cent of this last year, netting 53 million euros.
The statistics show that 13'208 people received unemployment pay totalling 52'092 million euros in the Balearics last year, an average of 3'944 euros each. The tax man retained 0.87 per cent, representing 453'670 euros.
Under the new income tax regulations which will be in force for 2007, firms will not have to deduct as much money from wages as this year. The reduction will be around 4.6 per cent. Income tax returns for the fiscal year 2006, which will be filed in 2007, however, come under the current regulations.

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