The government has sent the Budget Plan 2023 to the European Commission, which for the first time contains two economic scenarios of income and expenditure.
Euskaraz irakurri: Espainiako Gobernuak 10,500 euroko diru-sarrerak iragarri dizkio Bruselari, energia-krisiari aurre egiteko
The Spanish government presented to the European Commission this Saturday the Budget plan 2023 which, for the first time, is considering two possible scenarios of revenue and expenditure due to the “context of great uncertainty” resulting from Russia’s invasion of Ukraine, which “has a significant economic impact due to high inflation”.
The second scenario considers a higher collection in about 10.5 billion of the initial estimate that “will provide scope for expanding and adopting the measures deemed appropriate to target vulnerable groups, the middle and working class, the self-employed and the productive sectors most affected by the energy crisis” to protect.
In particular, the Budget Plan 2023 contains Scenario 1, the most conservative, that the total income of public administrations as a whole will make up 42.3% of GDP, which amounts to 587,609 million euros in terms of national accounting. Taxes will rise to 344,627 million, which is 7.6% more than in 2022.
This higher collection is due to the impact of the new tax measures such as the application of the minimum corporate tax rate, the entry into force of the special tax on non-reusable plastic containers and the introduction of non-fiscal measures such as the new tax temporarily in the energy and financial sector.
For his part, in the second podium by 2023, the total revenue of public administrations as a whole is expected to reach 43% of GDP, which amounts to EUR 597,265 million in national accounting terms.
In this second scenario, taxes will amount to EUR 354,283 million, which is 7% more than in 2022, but would represent a 5-point slowdown compared to this year’s growth estimate.
This lower tax revenue growth could be explained by the possible extension until 2023 of the energy tax-reducing measures envisaged in this scenario.
The Treasury indicates that the document makes clear to European authorities that the priority of the 2023 budgets is: social justiceby strengthening the welfare state, and the economic efficiency through growth and the creation of quality employment driven by the transformation of the production model.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
