August - 2023
What do you think about the proposed general reduction in Personal Income Tax (IRPF) by half a point for those earning less than 30,000 euros and 0.25 points for those earning more?
The Government of Marga Prohens is preparing a general reduction in Personal Income Tax (IRPF) of half a point for those earning less than 30,000 euros and 0.25 points for those earning more. This reduction is another of the commitments made by the president during the election campaign. It will become effective imminently, as it will be incorporated via a PP amendment during the processing as law of the decree law repealing inheritance tax. The vice-president of the Government, Antoni Costa, explained that the aim is for the tax reduction to be applied immediately so that the citizens of the Islands can compensate in this way for the rise in inflation. This reduction in personal income tax was not included in the inheritance decree law, as modifications to this tax cannot be made by decree. This is one of the reasons why the decree law is being processed as a law in order to incorporate these modifications via an amendment by the ‘populares’. It will not be the only tax change to be introduced via amendment because the government wants to approve all its tax measures quickly. In addition to this reduction for citizens who pay personal income tax, Prohens and Costa’s plan is to increase the personal and family minimum tax to the 10% allowed by law. According to some estimates, the savings from these two measures will exceed 200 euros per year for families.
Do you find the Mallorca sea warmer than usual?
A recent study suggests that the sea around Mallorca is one of the hottest in the Mediterranean.
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