The document discusses upcoming tax reforms in Spain, including changes to personal income tax (PIT) and corporate income tax. Some key points:
- PIT rates will be reduced in stages between 2014-2016, especially for lower and middle incomes. The top PIT rate will fall from 52% to 45%.
- Social benefits for families and disabled people will increase significantly, up to 32% in some cases.
- Long-term savings plans and pension contributions will be promoted. Capital gains taxes will also be reduced in some situations.
- Corporate income tax rates will similarly be reduced in stages, with the top rate falling from 30% to 25% by 2016.
The document summarizes economic forecasts and recent economic data from Spain, the Eurozone, the UK, and China:
1) The Bank of Spain outlines two scenarios for Spain's economy depending on the course of the pandemic, with GDP projected to fall 10.5-12.6% in 2020 before a partial recovery in 2021.
2) Unemployment in Spain is forecast to rise to 17.1-18.6% in 2020 and remain elevated at 19.4-22.1% in 2021.
3) The public deficit in Spain is expected to widen significantly to 10.8-12.1% of GDP in 2020, with debt levels rising to 116.8-120
Report on the economic situation of the City of Barcelona - April 2016Barcelona Activa
Report on the economic situation of the City of Barcelona for the Commission of Economy and Finance.
Check all business-related publications at http://ow.ly/MI67300wq5t
2015 marked the end of a cycle and brought a new direction for Barcelona Activa's economic development policies for Barcelona.
Visit Barcelona Activa's website for more information about programs and services: http://ow.ly/p02X302ahHh
This document outlines a business plan for Catalan SMEs from 2013-2016 in anticipation of Catalonia becoming an independent state. It analyzes the macroeconomic environment of an independent Catalan state, focusing on GDP growth forecasts, exports, tourism opportunities, budget and debt projections. It highlights Catalonia's diversified economy and the viability of an independent Catalan state as confirmed by renowned economists. The document is meant to help Catalan SMEs prepare for new opportunities that would arise from independence.
- Industrial production in Spain fell 3.8% in November 2020 compared to a 1.6% increase in November 2019. Tourism was heavily impacted with a 76.9% decrease in visitors and 78.1% drop in spending from January to November 2020.
- The Eurozone is expected to enter a double recession as new COVID-19 cases and restrictions prolong economic disruption. Forecasts for Q1 2021 GDP growth have been revised downward, and mobility and retail activity remain well below pre-pandemic levels.
- US employment growth weakened in December 2020 with a loss of 140,000 nonfarm payrolls, primarily in leisure and hospitality. However, other sectors maintained growth while long-term unemployment fell slightly.
Catalonia ranks 38 out of 61 economies in the IMD World Competitiveness Yearbook in 2014. The report analyzes Catalonia's competitiveness according to four factors: Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure. Catalonia achieves its best rankings in Business Efficiency (#33) and Infrastructure (#29). Its weakest rankings are in Economic Performance (#52) and Labor Market sub-factor (#50). The report finds that improving Catalonia's weakest indicators could increase its overall ranking to #27. It identifies strengths in skilled workforce, education, and business environment, but weaknesses in unemployment, GDP growth, and bureaucracy.
The document analyzes Spain's structural budget balance prior to the 2008 financial crisis. It finds that Spain's budget balance deteriorated sharply during the crisis, falling from a surplus to a large deficit. However, the structural budget balance did not fully anticipate this decline due to limitations in its methodology. The document estimates an alternative structural balance for Spain that includes residential investment as an explanatory variable. This estimate shows Spain's fiscal situation prior to the crisis was more fragile than presumed due to its dependence on revenue from the real estate bubble and construction boom.
According to analyses from several Spanish organizations:
- The coronavirus will reduce Spain's GDP by 0.9-1.7% and eliminate 313,692 jobs, primarily impacting small and medium enterprises. The tourism sector faces losses of €40,000-€62,000 million and 800,000 jobs at risk.
- In Germany, major economic indicators in March showed the largest declines in history due to the pandemic. The economy is forecast to contract 1.5% in 2020 with unemployment rising significantly.
- Unemployment in Norway jumped 8.1 percentage points in March to 10.9%, the highest increase since 1930, as coronavirus measures impacted businesses.
The document summarizes economic forecasts and recent economic data from Spain, the Eurozone, the UK, and China:
1) The Bank of Spain outlines two scenarios for Spain's economy depending on the course of the pandemic, with GDP projected to fall 10.5-12.6% in 2020 before a partial recovery in 2021.
2) Unemployment in Spain is forecast to rise to 17.1-18.6% in 2020 and remain elevated at 19.4-22.1% in 2021.
3) The public deficit in Spain is expected to widen significantly to 10.8-12.1% of GDP in 2020, with debt levels rising to 116.8-120
Report on the economic situation of the City of Barcelona - April 2016Barcelona Activa
Report on the economic situation of the City of Barcelona for the Commission of Economy and Finance.
Check all business-related publications at http://ow.ly/MI67300wq5t
2015 marked the end of a cycle and brought a new direction for Barcelona Activa's economic development policies for Barcelona.
Visit Barcelona Activa's website for more information about programs and services: http://ow.ly/p02X302ahHh
This document outlines a business plan for Catalan SMEs from 2013-2016 in anticipation of Catalonia becoming an independent state. It analyzes the macroeconomic environment of an independent Catalan state, focusing on GDP growth forecasts, exports, tourism opportunities, budget and debt projections. It highlights Catalonia's diversified economy and the viability of an independent Catalan state as confirmed by renowned economists. The document is meant to help Catalan SMEs prepare for new opportunities that would arise from independence.
- Industrial production in Spain fell 3.8% in November 2020 compared to a 1.6% increase in November 2019. Tourism was heavily impacted with a 76.9% decrease in visitors and 78.1% drop in spending from January to November 2020.
- The Eurozone is expected to enter a double recession as new COVID-19 cases and restrictions prolong economic disruption. Forecasts for Q1 2021 GDP growth have been revised downward, and mobility and retail activity remain well below pre-pandemic levels.
- US employment growth weakened in December 2020 with a loss of 140,000 nonfarm payrolls, primarily in leisure and hospitality. However, other sectors maintained growth while long-term unemployment fell slightly.
Catalonia ranks 38 out of 61 economies in the IMD World Competitiveness Yearbook in 2014. The report analyzes Catalonia's competitiveness according to four factors: Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure. Catalonia achieves its best rankings in Business Efficiency (#33) and Infrastructure (#29). Its weakest rankings are in Economic Performance (#52) and Labor Market sub-factor (#50). The report finds that improving Catalonia's weakest indicators could increase its overall ranking to #27. It identifies strengths in skilled workforce, education, and business environment, but weaknesses in unemployment, GDP growth, and bureaucracy.
The document analyzes Spain's structural budget balance prior to the 2008 financial crisis. It finds that Spain's budget balance deteriorated sharply during the crisis, falling from a surplus to a large deficit. However, the structural budget balance did not fully anticipate this decline due to limitations in its methodology. The document estimates an alternative structural balance for Spain that includes residential investment as an explanatory variable. This estimate shows Spain's fiscal situation prior to the crisis was more fragile than presumed due to its dependence on revenue from the real estate bubble and construction boom.
According to analyses from several Spanish organizations:
- The coronavirus will reduce Spain's GDP by 0.9-1.7% and eliminate 313,692 jobs, primarily impacting small and medium enterprises. The tourism sector faces losses of €40,000-€62,000 million and 800,000 jobs at risk.
- In Germany, major economic indicators in March showed the largest declines in history due to the pandemic. The economy is forecast to contract 1.5% in 2020 with unemployment rising significantly.
- Unemployment in Norway jumped 8.1 percentage points in March to 10.9%, the highest increase since 1930, as coronavirus measures impacted businesses.
ESADE TARGET is interested in recording the deviation produced by each forecast. For this reason ESADE has developed a reliability indicator for the forecasts made by major national and international organisations.
The document summarizes key facts about the Balearic Islands labour market in Spain. It notes that the economy is highly specialized in tourism and the population is over 1 million people, mostly on the island of Majorca. Unemployment rates are typically higher than the EU average, especially among youth, and the labour market sees large fluctuations between the summer tourism season and winter. Most employment is in services like accommodation, food, and retail linked to tourism. The regional government aims to address unemployment through active labour market policies like training, job search assistance, and subsidizing employment.
Chapter 2: European Wage Dynamics and Labor Market IntegrationEesti Pank
The document analyzes wage dynamics and labor market integration in the European Union. It finds that while labor markets have improved across the EU, wage growth has diverged between EU-15 and new member states. In EU-15, slow wage growth is partly due to low inflation and sluggish productivity, while in new member states tight labor markets and integration spillovers have pushed up wages. The pass-through from wages to inflation is relatively small. Policies aimed at raising inflation expectations in the euro area and reducing skill mismatches in new member states are recommended.
The Financial Crisis Is Severely Affecting The World 3guest7944a57
The document discusses the effects of the financial crisis on the Catalan and Spanish economies in the third and fourth quarters of 2008. It notes declining domestic demand, falling employment, rising unemployment, and contractions in industries like construction and manufacturing. The services sector resisted declines thanks to public spending, but tourism dropped significantly. Unemployment rose sharply to 13.9% as the economy deteriorated in the last quarter of the year.
The document provides an economic outlook from the Ministry of Economy of Turkey for January 2016. It includes macroeconomic forecasts from international organizations showing Turkey's GDP growth expected around 3% in 2015-2016. The medium term program targets 4.5% GDP growth in 2016 with a reduced current account deficit. Exports decreased 8.4% in the first 11 months of 2015 while imports decreased 14.1%. Top exports include vehicles, machinery, precious metals and textiles, while machinery, intermediate goods and consumption goods dominate imports.
This document is a government report on the economy of Saint Lucia for 2015. It contains 7 chapters that review external economic conditions, provide a summary of domestic economic developments, and examine developments in the real sector, central government finances, monetary and financial sectors, external trade, and social indicators. The report includes data and analysis on topics such as tourism, construction, agriculture, manufacturing, energy, prices, employment, public debt, monetary indicators, trade balances, and education. It utilizes over 50 tables, figures, boxes and appendices to present this economic information and assessment of Saint Lucia for 2015.
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2020Deutsche EuroShop AG
- Footfall in shopping centers was approximately 78% of normal levels until end of October 2020, varying between 70-95% among centers. Tenant turnover improved to 89% of 2019 level in Q3.
- Rent collection ratio was 92% in Q3 and 96% in October. Negotiations continue with tenants regarding relief measures for the first lockdown, considering individual solutions like rent deferrals. Around 7.3% of rents were affected by tenant insolvencies since the pandemic start.
- The company has a solid cash position of €213M and recently signed two new loan contracts of €70M each. No forecast is possible for FY2020 due to the unpredictable pandemic development.
In its fifth edition, the Barometer of the Círculos, restates its commitment to Spanish society, by seeking out solutions
that are aimed at rectifying the socio-economic imbalances that persist in our country. In order to achieve a more global
and structured vision, the three institutions promoting the Barometer of the Círculos, Círculo de Empresarios,
The DIANA ESADE is an instrument that has been indicating, since 2010, the degree to which forecasting institutions converge or diverge when predicting the Gross Domestic Product (GDP) of the Spanish economy. This year, the institutions' predictions with regard to the unemployment rate that the Economically Active Population Survey (EAPS) by the National Statistics Institute (INE) will finally disclose are incorporated into the study for the third time.
Now that the 2014 financial year has ended and the real GDP and results of the year's EAPS are known, we present a new edition of the DIANA ESADE in its dual versions: The Economic Diana and the Employment Diana.
This document contains summaries of economic indicators from Spain, the Eurozone, and the US. For Spain, it notes a moderate increase in social security affiliates in June but significant job losses since March. Industrial production fell 24.5% in May from a year ago. The consumer confidence index increased in June but remains below 2019 levels. In the Eurozone, retail sales rose 17.8% in May from April as lockdowns eased but remain below January levels in most countries. For the US, manufacturing and services activity indices increased in July, signaling recovery, though employment remains contracted. The UNWTO forecasts significant declines in tourism GDP for many countries in 2020 due to COVID-19 disruptions.
Foreign companies make up 34.4% of large Spanish companies, contributing significantly to the economy. However, Spain ranks 25th in manufacturing competitiveness and 34th in overall competitiveness. The ECB corporate bond program has increased corporate bond issuance by 80% and lowered yields by 100 basis points. Financial market volatility has increased due to Brexit uncertainty, pushing some investors into safe havens like gold and negative-yielding German bonds. Oil supply fell in May due to disruptions in Canada and Nigeria, though prices have risen 80% from lows earlier in the year. Spanish labor absenteeism rose again in 2015 to 4.7% at a cost of over €5 billion to the economy and social security.
Business confidence in Spain fell to its lowest level in the second quarter of 2020, with 75.1% of business managers expecting negative company performance. Confidence dropped across all sectors, especially transport, hotel, construction and trade. The biggest declines were in Catalunya, Balearic Islands and Canary Islands. Private sector debt in Spain increased slightly in the fourth quarter of 2019 but remains below pre-crisis levels. In February, industry turnover fell 0.2% year-over-year in Spain while services turnover growth moderated to 2.2%.
The document summarizes recent economic indicators and forecasts for Spain and other European economies:
- The Bank of Spain forecasts slower GDP growth for Spain in 2018 and 2019, at 2.6% and 2.2% respectively, due to falling private consumption, contracting goods exports, and higher energy prices.
- Spain's manufacturing PMI fell to 51.4 points in September, below the Euro area index of 53.2 points, its lowest level in two years.
- Unemployment in Spain fell by 6.1% year-over-year in September, the smallest adjustment since 2014, while social security affiliates increased by 0.12% compared to the previous month.
- Tourism data shows
This document summarizes recent economic indicators and forecasts from Spain, the Euro area, the UK, Germany, China, and the US. It notes that while Spain's GDP grew 2.4% in Q3 2018, domestic demand continues to drive growth as the external sector contribution was negative. Unemployment in Spain fell 6.17% in 2018 but growth forecasts were lowered. Several signs point to a broader global economic slowdown, including contracting manufacturing activity in Germany and China, and declining economic sentiment indices.
The document summarizes recent economic indicators from Spain, the Eurozone, China, and the US. In Spain, 7,339 businesses were incorporated in November 2020, a slight increase from the previous year. The manufacturing and services PMIs both improved but remained below 50, indicating a downturn. In the Eurozone, industrial production fell 0.6% year-over-year in November, with decreases in various sectors. China's GDP grew 2.3% in 2020, its slowest growth since 1976, with retail sales declining. The US announced a $1.9 trillion COVID rescue plan providing additional direct payments, unemployment benefits, and other relief.
German exports face increased risks as structural and cyclical problems in many emerging markets are dampening export prospects. Growth in German exports to emerging markets has cooled significantly and is much weaker than demand from advanced economies. Some key German sectors like automotive and machinery are particularly vulnerable to emerging market risks. However, strong domestic demand from private consumption and government spending is supporting continued GDP growth of around 1.7% despite risks to net exports.
This document is a preface and introduction to a new report from the Club of Rome titled "The Employment Dilemma - The Future of Work". It discusses the importance of addressing unemployment and outlines the goals of stimulating debate and discussion on how to build a future with less tension around work and employment. It acknowledges the impact of the Club of Rome's previous 1972 report "The Limits to Growth" and hopes this new report will similarly influence thinking and decision making. It thanks the organizations that supported producing this new report.
The Wall Street-caused financial crisis and ongoing economic downturn have cost the American people an estimated $12.8 trillion so far. This includes actual losses in GDP as well as additional losses avoided through government spending and Federal Reserve actions. The crisis resulted in tens of millions of unemployed Americans, massive losses in household wealth totaling $19 trillion, and huge government bailouts and support programs. While the full costs are impossible to calculate, $12.8 trillion likely understates the true financial toll of the crisis on the US economy and its citizens.
El documento discute la era de los tipos de interés negativos en Europa. Los bancos centrales ahora cobran a los bancos por depositar excesos de liquidez, y algunos bonos gubernamentales ahora tienen tasas negativas. Esto desalienta el ahorro privado y favorece el endeudamiento, redistribuyendo las rentas de los ahorradores a los deudores. Algunos expertos argumentan que esto podría conducir a nuevas burbujas de activos o resurgir el riesgo para los bancos y deuda pública
(226)long el fantasma del paro estructuralManfredNolte
El documento analiza el problema del desempleo estructural en España. Según estimaciones de la Comisión Europea, la tasa de desempleo estructural en España se ha movido entre el 11% en 2006 y cerca del 25% en 2014. Otras organizaciones como la OCDE y el FMI estiman que la tasa se encuentra entre el 14-16%. Recuperar los niveles de empleo previos a la crisis llevaría hasta el año 2041 al ritmo actual. El documento recomienda abordar este problema a través de reformas estructurales a largo pl
El documento discute el futuro del trabajo y el empleo en una sociedad post-industrial altamente automatizada. Predice que habrá una disminución del trabajo remunerado a favor del trabajo no remunerado a medida que las personas asuman más funciones de auto-producción. Propone un modelo de tres niveles, donde los jóvenes recibirán educación dual, habrá más empleos flexibles a tiempo parcial y el Estado garantizará una renta mínima, y el trabajo no remunerado como el cuidado de ancianos aumentará sustancialmente.
(222)long pib bienestar y desarrollo humanoManfredNolte
El documento discute los límites del PIB como indicador de desarrollo y bienestar, y propone alternativas como el Índice de Desarrollo Humano. Señala que el PIB ignora factores como la distribución de la riqueza, el impacto ambiental y la problemática de género. El IDH mide el desarrollo humano a través de la salud, la educación y el nivel de vida, pero también tiene limitaciones. El documento concluye que reducir la vulnerabilidad de los grupos más desfavorecidos debe ser un
ESADE TARGET is interested in recording the deviation produced by each forecast. For this reason ESADE has developed a reliability indicator for the forecasts made by major national and international organisations.
The document summarizes key facts about the Balearic Islands labour market in Spain. It notes that the economy is highly specialized in tourism and the population is over 1 million people, mostly on the island of Majorca. Unemployment rates are typically higher than the EU average, especially among youth, and the labour market sees large fluctuations between the summer tourism season and winter. Most employment is in services like accommodation, food, and retail linked to tourism. The regional government aims to address unemployment through active labour market policies like training, job search assistance, and subsidizing employment.
Chapter 2: European Wage Dynamics and Labor Market IntegrationEesti Pank
The document analyzes wage dynamics and labor market integration in the European Union. It finds that while labor markets have improved across the EU, wage growth has diverged between EU-15 and new member states. In EU-15, slow wage growth is partly due to low inflation and sluggish productivity, while in new member states tight labor markets and integration spillovers have pushed up wages. The pass-through from wages to inflation is relatively small. Policies aimed at raising inflation expectations in the euro area and reducing skill mismatches in new member states are recommended.
The Financial Crisis Is Severely Affecting The World 3guest7944a57
The document discusses the effects of the financial crisis on the Catalan and Spanish economies in the third and fourth quarters of 2008. It notes declining domestic demand, falling employment, rising unemployment, and contractions in industries like construction and manufacturing. The services sector resisted declines thanks to public spending, but tourism dropped significantly. Unemployment rose sharply to 13.9% as the economy deteriorated in the last quarter of the year.
The document provides an economic outlook from the Ministry of Economy of Turkey for January 2016. It includes macroeconomic forecasts from international organizations showing Turkey's GDP growth expected around 3% in 2015-2016. The medium term program targets 4.5% GDP growth in 2016 with a reduced current account deficit. Exports decreased 8.4% in the first 11 months of 2015 while imports decreased 14.1%. Top exports include vehicles, machinery, precious metals and textiles, while machinery, intermediate goods and consumption goods dominate imports.
This document is a government report on the economy of Saint Lucia for 2015. It contains 7 chapters that review external economic conditions, provide a summary of domestic economic developments, and examine developments in the real sector, central government finances, monetary and financial sectors, external trade, and social indicators. The report includes data and analysis on topics such as tourism, construction, agriculture, manufacturing, energy, prices, employment, public debt, monetary indicators, trade balances, and education. It utilizes over 50 tables, figures, boxes and appendices to present this economic information and assessment of Saint Lucia for 2015.
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2020Deutsche EuroShop AG
- Footfall in shopping centers was approximately 78% of normal levels until end of October 2020, varying between 70-95% among centers. Tenant turnover improved to 89% of 2019 level in Q3.
- Rent collection ratio was 92% in Q3 and 96% in October. Negotiations continue with tenants regarding relief measures for the first lockdown, considering individual solutions like rent deferrals. Around 7.3% of rents were affected by tenant insolvencies since the pandemic start.
- The company has a solid cash position of €213M and recently signed two new loan contracts of €70M each. No forecast is possible for FY2020 due to the unpredictable pandemic development.
In its fifth edition, the Barometer of the Círculos, restates its commitment to Spanish society, by seeking out solutions
that are aimed at rectifying the socio-economic imbalances that persist in our country. In order to achieve a more global
and structured vision, the three institutions promoting the Barometer of the Círculos, Círculo de Empresarios,
The DIANA ESADE is an instrument that has been indicating, since 2010, the degree to which forecasting institutions converge or diverge when predicting the Gross Domestic Product (GDP) of the Spanish economy. This year, the institutions' predictions with regard to the unemployment rate that the Economically Active Population Survey (EAPS) by the National Statistics Institute (INE) will finally disclose are incorporated into the study for the third time.
Now that the 2014 financial year has ended and the real GDP and results of the year's EAPS are known, we present a new edition of the DIANA ESADE in its dual versions: The Economic Diana and the Employment Diana.
This document contains summaries of economic indicators from Spain, the Eurozone, and the US. For Spain, it notes a moderate increase in social security affiliates in June but significant job losses since March. Industrial production fell 24.5% in May from a year ago. The consumer confidence index increased in June but remains below 2019 levels. In the Eurozone, retail sales rose 17.8% in May from April as lockdowns eased but remain below January levels in most countries. For the US, manufacturing and services activity indices increased in July, signaling recovery, though employment remains contracted. The UNWTO forecasts significant declines in tourism GDP for many countries in 2020 due to COVID-19 disruptions.
Foreign companies make up 34.4% of large Spanish companies, contributing significantly to the economy. However, Spain ranks 25th in manufacturing competitiveness and 34th in overall competitiveness. The ECB corporate bond program has increased corporate bond issuance by 80% and lowered yields by 100 basis points. Financial market volatility has increased due to Brexit uncertainty, pushing some investors into safe havens like gold and negative-yielding German bonds. Oil supply fell in May due to disruptions in Canada and Nigeria, though prices have risen 80% from lows earlier in the year. Spanish labor absenteeism rose again in 2015 to 4.7% at a cost of over €5 billion to the economy and social security.
Business confidence in Spain fell to its lowest level in the second quarter of 2020, with 75.1% of business managers expecting negative company performance. Confidence dropped across all sectors, especially transport, hotel, construction and trade. The biggest declines were in Catalunya, Balearic Islands and Canary Islands. Private sector debt in Spain increased slightly in the fourth quarter of 2019 but remains below pre-crisis levels. In February, industry turnover fell 0.2% year-over-year in Spain while services turnover growth moderated to 2.2%.
The document summarizes recent economic indicators and forecasts for Spain and other European economies:
- The Bank of Spain forecasts slower GDP growth for Spain in 2018 and 2019, at 2.6% and 2.2% respectively, due to falling private consumption, contracting goods exports, and higher energy prices.
- Spain's manufacturing PMI fell to 51.4 points in September, below the Euro area index of 53.2 points, its lowest level in two years.
- Unemployment in Spain fell by 6.1% year-over-year in September, the smallest adjustment since 2014, while social security affiliates increased by 0.12% compared to the previous month.
- Tourism data shows
This document summarizes recent economic indicators and forecasts from Spain, the Euro area, the UK, Germany, China, and the US. It notes that while Spain's GDP grew 2.4% in Q3 2018, domestic demand continues to drive growth as the external sector contribution was negative. Unemployment in Spain fell 6.17% in 2018 but growth forecasts were lowered. Several signs point to a broader global economic slowdown, including contracting manufacturing activity in Germany and China, and declining economic sentiment indices.
The document summarizes recent economic indicators from Spain, the Eurozone, China, and the US. In Spain, 7,339 businesses were incorporated in November 2020, a slight increase from the previous year. The manufacturing and services PMIs both improved but remained below 50, indicating a downturn. In the Eurozone, industrial production fell 0.6% year-over-year in November, with decreases in various sectors. China's GDP grew 2.3% in 2020, its slowest growth since 1976, with retail sales declining. The US announced a $1.9 trillion COVID rescue plan providing additional direct payments, unemployment benefits, and other relief.
German exports face increased risks as structural and cyclical problems in many emerging markets are dampening export prospects. Growth in German exports to emerging markets has cooled significantly and is much weaker than demand from advanced economies. Some key German sectors like automotive and machinery are particularly vulnerable to emerging market risks. However, strong domestic demand from private consumption and government spending is supporting continued GDP growth of around 1.7% despite risks to net exports.
This document is a preface and introduction to a new report from the Club of Rome titled "The Employment Dilemma - The Future of Work". It discusses the importance of addressing unemployment and outlines the goals of stimulating debate and discussion on how to build a future with less tension around work and employment. It acknowledges the impact of the Club of Rome's previous 1972 report "The Limits to Growth" and hopes this new report will similarly influence thinking and decision making. It thanks the organizations that supported producing this new report.
The Wall Street-caused financial crisis and ongoing economic downturn have cost the American people an estimated $12.8 trillion so far. This includes actual losses in GDP as well as additional losses avoided through government spending and Federal Reserve actions. The crisis resulted in tens of millions of unemployed Americans, massive losses in household wealth totaling $19 trillion, and huge government bailouts and support programs. While the full costs are impossible to calculate, $12.8 trillion likely understates the true financial toll of the crisis on the US economy and its citizens.
El documento discute la era de los tipos de interés negativos en Europa. Los bancos centrales ahora cobran a los bancos por depositar excesos de liquidez, y algunos bonos gubernamentales ahora tienen tasas negativas. Esto desalienta el ahorro privado y favorece el endeudamiento, redistribuyendo las rentas de los ahorradores a los deudores. Algunos expertos argumentan que esto podría conducir a nuevas burbujas de activos o resurgir el riesgo para los bancos y deuda pública
(226)long el fantasma del paro estructuralManfredNolte
El documento analiza el problema del desempleo estructural en España. Según estimaciones de la Comisión Europea, la tasa de desempleo estructural en España se ha movido entre el 11% en 2006 y cerca del 25% en 2014. Otras organizaciones como la OCDE y el FMI estiman que la tasa se encuentra entre el 14-16%. Recuperar los niveles de empleo previos a la crisis llevaría hasta el año 2041 al ritmo actual. El documento recomienda abordar este problema a través de reformas estructurales a largo pl
El documento discute el futuro del trabajo y el empleo en una sociedad post-industrial altamente automatizada. Predice que habrá una disminución del trabajo remunerado a favor del trabajo no remunerado a medida que las personas asuman más funciones de auto-producción. Propone un modelo de tres niveles, donde los jóvenes recibirán educación dual, habrá más empleos flexibles a tiempo parcial y el Estado garantizará una renta mínima, y el trabajo no remunerado como el cuidado de ancianos aumentará sustancialmente.
(222)long pib bienestar y desarrollo humanoManfredNolte
El documento discute los límites del PIB como indicador de desarrollo y bienestar, y propone alternativas como el Índice de Desarrollo Humano. Señala que el PIB ignora factores como la distribución de la riqueza, el impacto ambiental y la problemática de género. El IDH mide el desarrollo humano a través de la salud, la educación y el nivel de vida, pero también tiene limitaciones. El documento concluye que reducir la vulnerabilidad de los grupos más desfavorecidos debe ser un
El BCE ha adoptado nuevas medidas para estimular la economía europea, incluyendo tasas de interés más bajas y la compra de activos bancarios a partir de octubre. Sin embargo, existe incertidumbre sobre si estas medidas monetarias serán suficientes sin políticas fiscales coordinadas entre los países de la Eurozona. Además, el mercado de titulizaciones en Europa es pequeño debido a las crisis financieras, lo que podría limitar el alcance de las compras de activos del BCE. Draghi ha enfatizado la necesidad de un nuevo pacto
La belleza es un bien escaso y valioso con implicaciones económicas. Un estudio encontró que las personas atractivas ganan más que las personas de apariencia estándar, con los hombres atractivos ganando un 4% más y las mujeres atractivas ganando un 8% más. Sin embargo, la belleza solo es un factor y no determina por completo el éxito, ya que hay muchas otras cualidades como la inteligencia y la personalidad que también contribuyen al rendimiento laboral.
El documento describe un nuevo índice llamado "Índice de Miseria" (IdM) creado por Steve H. Hanke para medir los niveles de pobreza e indigencia en los países. El IdM suma las tasas de desempleo, inflación e interés bancario de un país y resta el porcentaje de variación del PIB per cápita. Según el análisis de Hanke, Venezuela tiene el índice más alto con 79.4, mientras que Estados Unidos se ubica en el puesto 71 con 11.0. El documento también señala
- The document provides statistics and trends related to India's GDP, tax revenue, and tax rates from 1949-2013. It analyzes how tax policies and rates have changed over time.
- Key trends include a steady increase in the net tax-GDP ratio from 1949-1971, followed by higher peaks and valleys. Tax rates for personal income and corporate taxes generally declined post-1991 reforms as the system was simplified and broadened.
- Indirect tax rates varied widely until reforms in the 1990s consolidated rates and reduced complexity in the system. Overall, tax revenue has grown but still lags targets as a percentage of GDP.
The document analyzes the impact of an Economic Partnership Agreement between the EU and Togo on Togo's customs revenues and the challenges of transitioning the tax system. It finds that tariff dismantling under the EPA will reduce Togo's customs duties from the EU by 55% by year 20, resulting in a 16% overall decrease in customs revenues. It also outlines Togo's fiscal transition program and actions needed to address expanding the tax base, promoting compliance, controlling exemptions, and fighting corruption to compensate for declining border revenues.
Για τρίτη συνεχή χρονιά, ο Κύκλος ιδεών για την Εθνική Ανασυγκρότηση,
σε συνεργασία με τη Συμεών Γ. Τσομώκος Α.Ε., πραγματοποιούν το ετήσιο διήμερο συνέδριο H ΕΛΛΑΔΑ ΜΕΤΑ
στις 19 και 20 Ιουνίου 2019
στο ξενοδοχείο Divani Caravel.
Κεντρικό θέμα στο φετινό συνέδριο είναι: Η ανασύσταση της μεσαίας τάξης
Κύκλος ΙΙ: Οι επιπτώσεις της περιόδου 2009- 2019 στη μεσαία τάξη
https://ekyklos.gr/19-20-iouniou-ellada-meta-iii-i-anasystasi-tis-mesaias-taksis.html
A Post-Budget 2018 Analysis of the Irish Public FinancesUlsterBankROI
Budget 2018:
- A look at some of the details (from slide 3)
- The economic context and fiscal framework (from slide 14)
- Ireland’s public finances: where do we stand? (from slide 22)
2017 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011
Mauro Pisu - The effect of public sector efficiency on firm-level productivit...OECD CFE
Presentation by Mauro Pisu, OECD at the OECD Workshop on Spatial Dimensions of Productivity, 28-29 March 2019, Bolzano.
More info: https://oe.cd/GFPBolzano2019
The document summarizes the Ugandan government's tax proposals and plans for the 2013/2014 fiscal year. The proposals aim to raise revenue, improve tax compliance and administration, and encourage investment. Specific proposals include increasing various excise duties and fees, eliminating some VAT exemptions, expanding the scope of tax withholding agents, and granting some government agencies authority to retain non-tax revenues for local use. The government also plans to intensify tax enforcement efforts and clean up the VAT registration system to improve compliance.
This document analyzes the Greek economic outlook and provides forecasts through 2020. It discusses three main challenges: consumption needs to shift to investment, fiscal consolidation targets require €14 billion in additional measures, and liquidity must be maintained. Alternative macroeconomic scenarios are modeled. Greek SMEs are important, generating most value and employment, though performance varies greatly. Emerging trends and opportunities in the changing Greek landscape are also examined.
Lithuania 2016 OECD Economic Assessment more productive and inclusive Vilnius...OECD, Economics Department
The document is an OECD economic assessment of Lithuania that makes several recommendations:
1. Lithuania has made progress in productivity and weathering economic downturns, but challenges remain in further boosting productivity and making growth more inclusive.
2. Fiscal and tax policies should be adjusted to prepare for aging populations and potential shocks, and taxes shifted away from labor to reduce inequality.
3. Measures like improving education and skills training can help address low productivity, while strengthening social benefits and activating labor market policies can increase inclusive growth.
The document summarizes Minister of Economic Affairs Olli Rehn's speech on reforming the Finnish economy to improve competitiveness and sustainable growth. It outlines that Finland's GDP growth has lagged behind the Euro area average in recent years. It then describes the "Competitiveness Pact" which aims to reduce labor costs by 4% through measures like increasing annual working hours, reducing public sector bonuses, and implementing a pay freeze to improve cost competitiveness. The Pact is estimated to create 35,000-45,000 new jobs and improve public finances by 600 million euros. Finally, it briefly outlines other measures to enhance the business environment through tax reforms, innovation programs, and reducing red tape.
Revenue Statistics in Asian and Pacific economies 2020OECDtax
The document summarizes a presentation on the launch of the OECD publication "Revenue Statistics in Asian and Pacific Economies 2020". Key points include:
- The publication provides detailed, harmonized tax revenue data for 21 Asian and Pacific economies and covers tax-to-GDP ratios, tax structures, and changes over time.
- Tax-to-GDP ratios in the region vary widely from 11.9% in Indonesia to 35.4% in Nauru. Most Asian countries are below 20% while most Pacific economies are above 23%.
- Between 2017-2018, two-thirds of economies increased tax revenues mainly through higher VAT and goods and services taxes.
- Tax structures differ across the
Deutsche EuroShop | Conference Call Presentation - Half Year Financial Report...Deutsche EuroShop AG
- Footfall and tenant turnover in the company's shopping centers recovered significantly in Q2 2021 compared to Q1 2021 but remained below pre-pandemic levels. Rent collection rates also improved but concessions were still being negotiated.
- The company reported revenues of €104.9 million in H1 2021, down 6.5% year-over-year due to the pandemic's impact. EBIT decreased 10.2% to €70.5 million and EBT excluding valuation was down 10.2% to €55.7 million.
- Shopping center operations continued to be affected by lockdowns and restrictions across the company's markets in Europe, although regulations were gradually easing in most countries. The company
On 23 January, ESRI researcher Barra Roantree delivered this presentation at the Barrington lecture whilst receving the Statistical Society's Barrington prize.
A press release for the study can be found here:
https://www.esri.ie/news/irish-tax-system-does-most-in-europe-to-reduce-inequality
Financial report : unemployment insurance in 2012Unédic
This document provides a financial report and consolidated financial statements for the French unemployment insurance scheme (Unédic) for 2012.
Key points include:
- Unemployment increased in 2012 while the wage bill growth slowed, increasing Unédic's deficit. The technical profit margin was a loss of €2.58 billion.
- Unédic's debt increased to €13.84 billion as bond issues and commercial paper financing exceeded repayments.
- Forecasts project the deficit will widen to €4.8 billion in 2013 and €5.6 billion in 2014 if economic conditions do not improve.
- Unédic plans additional bond issues of €5 billion in 2013 to cover financing needs.
This presentation summarizes Wolters Kluwer's 2014 full-year results. It discusses the financial performance including revenues growing 2% organically with leading positions growing 7% and digital/services revenues up 5%. Adjusted operating profit was €768 million with a margin decline due to increased restructuring costs. Diluted adjusted EPS grew 3% in constant currencies to €1.57. Adjusted free cash flow was €516 million. The presentation reviews strategic progress in key business areas and provides an outlook for 2015 with further restructuring and investment in growth initiatives planned.
The document discusses the challenges facing a family with a mortgage as the economy slows. It summarizes that Jack and Mary bought a house in 2007 with little savings during strong economic times, but are now facing negative equity and high debt levels as unemployment rises and house prices decline. While low interest rates have kept arrears in check, regulation has increased costs for lenders and made the arrears resolution process more complex. Pre-arrears management is important to identify at-risk borrowers and help them avoid falling into arrears. However, for Jack and Mary, inflation has reduced their available income such that any financial shock could push them into arrears.
Demographic Change and Expenditure Pressures in IrelandDaragh McCarthy
Presentation by Dr Thomas Conefrey—Chief Economist, Irish Fiscal Advisory Council—focuses on government spending and presents preliminary work that attempts to quantify the likely pressures on the government finances in Ireland due to population ageing and other demographic trends over the next 50 years.
Guide to budge tax rates allowances 2015Simon Peters
This document summarizes the key UK tax rates and allowances for the 2014/15 and 2015/16 tax years. Some of the highlights include: the personal income tax allowance increasing to £10,600; the higher rate threshold remaining at £31,785; and the additional rate threshold staying at £150,000. National insurance contribution rates remain largely unchanged. The annual investment allowance will decrease to £25,000 from January 2016. Stamp duty land tax rates on residential properties were adjusted.
INFORMES SOBRE PRODUCTIVIDAD:OCDE Y OTROS.ManfredNolte
Nuestra productividad no solo es más baja que la de nuestros socios comerciales, sino que las diferencias se van ahondando persistentemente sin visos de compostura a plazo cercano.
La Comisión europea informa sobre el progreso social en la UE.ManfredNolte
Bruselas confirma que el progreso social varía notablemente entre las regiones de la Unión Europea, y que los países nórdicos tienen un desempeño consistentemente mejor que el resto de los Estados miembros.
EL MERCADO LABORAL EN EL SEMESTRE EUROPEO. COMPARATIVA.ManfredNolte
Hoy repasaremos a uña de caballo otro reciente documento de la Comisión (SWD-2024) que lleva por título ‘Análisis de países sobre la convergencia social en línea con las características del Marco de Convergencia Social (SCF)’.
PIB,OKUN Y PARO ESTRUCTURAL: RELACIONES DIRECTAS E INVERSASManfredNolte
Me refiero a las ‘Previsiones económicas de primavera’ de la Comisión europea, que se han constituido la semana pasada en panegírico de nuestras bondades y que, como es natural, han sido aprovechadas por el Gobierno para el autobombo.
LOS MIMBRES HACEN EL CESTO: AGEING REPORT.ManfredNolte
El Informe sobre el envejecimiento concentra un ejercicio único en el sentido de que proporciona proyecciones para los Estados miembros de la UE y Noruega hasta 2070 basadas en datos supuestos y metodologías comunes. El informe suministra un amplio conjunto de datos comparables e internos para 28 países. Dan una idea del momento en que se produce el envejecimiento de la población, sus implicaciones económicas y los desafíos presupuestarios asociados.
Empresarios privados y públicos: ¿adversarios o aliados?ManfredNolte
La reciente notificación de la Sociedad Estatal de Participaciones Industriales (SEPI), acerca de la toma de un porcentaje relevante en el Capital de Telefónica, ha reabierto la recurrente polémica sobre la figura del Estado como Empresario público, su conveniencia, su oportunidad y su eficiencia
CARE ECONOMY: LA VIEJA Y NUEVA ECONOMIA DE LOS CUIDADOS.ManfredNolte
La economía del cuidado entiende del reconocimiento y valoración de todas las actividades que contribuyen a la atención de las personas, incluido el trabajo no remunerado realizado en los hogares, así como el trabajo remunerado que involucra el cuidado de niños, personas mayores, personas con discapacidades y aquellas que necesitan cualquier tipo de atención especial.
DEUDA PUBLICA Y CONVENIENCIA FISCAL: LLAMADOS AL ACUERDO.ManfredNolte
En su conjunto y en rasgos generales, el progreso de la economía, es decir el de su PIB, depende de dos fuentes básicas de alimentación: el aumento de sus factores productivos y el incremento de su productividad.
DESIGUALDAD PERMANENTE: EL ESTANCAMIENTO DE LA DISTRIBUCIÓN DE LA RIQUEZA.ManfredNolte
La teoría del ‘derrame’ postula atenuar la presión sobre las rentas de los grupos sociales con mayor propensión al ahorro, esto es, los sectores de mayores ingresos, sobre la base de su capacidad de ahorrar e invertir,
COYUNTURA ECONOMICA Y SUS SOMBRAS: INFORME TRIMESTRAL DEL BANCO DE ESPAÑA.ManfredNolte
h
Hay que recordar, que los fotos puntuales, aun cuando salgan bien, no pueden encubrir las carencias, las flaquezas de fondo, que en distintos flancos acechan a nuestra economía.
DESVELANDO LA REALIDAD SOCIAL: ENCUESTA DE CONDICIONES DE VIDA EN ESPAÑA.ManfredNolte
Junto a la de la tolerancia hacia los Paraísos fiscales, último vertedero de la evasión fiscal y del crimen organizado, la pobreza se constituye probablemente en la mayor de las grandes vergüenzas que se confinan en los búnkeres de la economía de mercado.
¿FIN DEL CRIPTOINVIERNO?: ASI HABLAN LOS MAXIMOS.ManfredNolte
Hay creencias firmes, impertérritas, capaces de sobrevivir a cualquier duda o adversidad, ajenas a las opiniones contrarias o simplemente nuevas, ciegas y sordas a cualquier idea o consejo que las desvíe de su camino.
CONOCIMIENTO INTERIOR BRUTO, la obsolescencia del PIB.ManfredNolte
El PIB no es un indicador exhaustivo del progreso económico y tampoco de bienestar social; Además el índice está ofreciendo registros descorazonadores.
LA AGROSFERA, DE NUEVO LA REBELIÓN DEL CAMPO.ManfredNolte
La reciente explosión de los agricultores -una más de una larga cadena histórica- es un suceso emocional y espontaneo y como tal no responde a un enunciado claro de reivindicaciones como podrían constar en un documento unificado de propuestas del sector.
TAMAÑO DEL ESTADO Y BIENESTAR EN LA OCDE.ManfredNolte
Hay un valor entendido, un tópico que circula en amplias capas de la opinión económica, incluso de la habitualmente informada, acerca de la existencia de un antagonismo de raíz entre los conceptos de libre mercado e intervención gubernamental.
MAS ALLA DE LA INCERTIDUMBRE:DESAFIOS DE LA ECONOMIA ESPAÑOLA.ManfredNolte
Un reciente informe de la OCDE (Economic Policy Papers, No. 33), avanza que la economía española retrocederá diez posiciones en la clasificación mundial de países por PIB per cápita, pasando desde la posición 23 en la actualidad a la posición 33 en 2060 .
Este documento describe la frustración de un columnista económico ante la dominación de la política en la agenda pública y los medios, relegando a un segundo plano los temas económicos. El autor se siente atrapado entre su deber de analizar aspectos económicos y el ambiente político polarizado que dificulta abordar cualquier tema. Advierte que la insoportable polarización está orillando el consenso sobre medidas económicas coherentes y que los peligros que enfrentamos son demasiados y gravísimos.
DAVOS: EL PESO Y EL CONSEJO DE UN PODER SOCIALIZADOR.ManfredNolte
Al pie de la montaña mágica de Tomas Mann, enero en la elite es ya sinónimo de esta especial convención, entendiendo por especial no solo el ‘espíritu de Davos’, sino también la naturaleza de sus invitados. Durante cinco días la apacible estación de esquí invernal se transforma en la más selecta y cosmopolita feria del planeta.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART KALYAN CHART
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
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Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
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The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
Efficient PHP Development Solutions for Dynamic Web ApplicationsHarwinder Singh
Unlock the full potential of your web projects with our expert PHP development solutions. From robust backend systems to dynamic front-end interfaces, we deliver scalable, secure, and high-performance applications tailored to your needs. Trust our skilled team to transform your ideas into reality with custom PHP programming, ensuring seamless functionality and a superior user experience.
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
Tired of chasing down expiring contracts and drowning in paperwork? Mastering contract management can significantly enhance your business efficiency and productivity. This guide unveils expert secrets to streamline your contract management process. Learn how to save time, minimize risk, and achieve effortless contract management.
The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
6. Tax Revenue Development
23/06/2014 6
Closing
2011
Closing
2012
Variation
12-11
%
12/11
Closing
2013
Variation
13-12
%
13/12
I. PERSONAL INCOME TAX 69.803 70.619 816 1,2% 69.951 -668 -0,9%
I. CORPORATIONS 16.611 21.435 4.824 29,0% 19.945 -1.490 -7,0%
Development of payments on account
Large business and Groups 7.626 11.636 52,6% 14.692 26,3%
SMEs 1.872 1.758 -6,1% 1.485 -15,5%
Others 136 215 121
Total 9.634 13.609 41,3% 16.298 19,8%
OTHERS 2.158 3.027 869 40,3% 3.154 127 4,2%
TITLE I.- DIRECT TAXES 88.572 95.081 6.509 7,3% 93.050 -2.031 -2,1%
VALUE ADDED TAX 49.302 50.464 1.162 2,4% 51.931 1.467 2,9%
EXCISE TAXES 18.983 18.210 -773 -4,1% 19.073 863 4,7%
OTHERS 2.965 2.920 -45 -1,5% 2.721 -199 -6,8%
TITLE II.- INDIRECT TAXES 71.250 71.594 344 0,5% 73.725 2.131 3,0%
TITLE III.- DUTIES AND OTHERS 1.938 1.892 -46 -2,4% 2.072 180 9,5%
TOTAL TAX REVENUE 161.760 168.567 6.807 4,2% 168.847 281 0,2%
Total tax revenue
(million euro and % inter-annual variation)
SOURCE: AEAT
7. TAX REFORM TIMETABLE
23/06/2014 7
Adoption Entry into force
PIT:
Interim tax rate
Final tax rate
2014
2014
2015
2016
CIT:
Interim tax rate
Final tax rate
2014
2014
2015
2016
VAT/NRIT 2014 2015
GTL 2014 2015
8. TAX REFORM: ROUTE
23/06/2014 8
June, 20:
Presentation to the Cabinet Meeting
Referral to Autonomous Communities
Referral to workers’ and employers’ organisations
Two-week publishing in the Web for public information
Required reporting from:
Council of State
General Council of the Judicial Authority
Data Protection Agency
June, 26:
Analysis with the Autonomous Communities within the Tax and
Financial Council
July:
Adoption of the bill and referral to Parliament
9. OBJECTIVES Of The TAX
REFORM
23/06/2014 9
To boost job creation. To reduce taxation on labour income
and to strengthen competitiveness
To revitalise the economic growth. Modernisation of the
tax system to promote saving and investment
Towards a more equitable tax system. Highest reduction
for low and middle incomes, social benefits for families
with children and/or disabled members, and new measures
to fight against tax fraud. Stimulus to patronage
11. 23/06/2014 11
As a consequence of the reduction in PIT
withholdings, in 2015 20 million taxpayers will
have more disposable income per month
Expected GDP increase 0,55% in 2015-2016 as a
consequence of the overall reduction of taxes
PIT: To boost the economic
growth
12. General Tax Rate
23/O6/2014 12
Taxable base
Rate
2011
Complem.
Tax
Rate
2012-14
Up to 17.700 24% 0,75% 24,75%
17.700 – 33.000 28% 2% 30%
33.000 – 53.400 37% 3% 40%
53.400 – 120.000 43% 4% 47%
120.000 – 175.000 44% 5% 49%
175.000 - 300.000 45% 6% 51%
300.000 - Onwards 45% 7% 52%
Taxable base Rate (%)
Up to 12.450 20%
12.450 – 20.200 25%
20.200 – 34.000 31%
34.000 – 60.000 39%
60.000 -- Onwards 47%
Taxable base Rate (%)
Up to 12.450 19%
12.450 – 20.200 24%
20.200 – 35.200 30%
35.200 – 60.000 37%
60.000 -- Onwards 45%
2015 General Tax Rate
General Tax Rate 2016
13. Income from savings
Tax rate
23/06/2014 13
Taxable base
Tipo
2015 2016
Up to 6.000 20% 19%
6.000 - 50.000 22% 21%
50.000 - Onwards 24% 23%
Rate
2011
Complemtary
Tax
Rate
2012-
14
Up to 6.000 19% 2% 21%
6.000 – 24.000 21% 4% 25%
24.000 – Onwards 21% 6% 27%
14. PIT: General reduction in PIT,
particularly for low and middle incomes
23/06/2014 14
Total return from
employment
Average rate 2011
on net return
Average rate 2016
on net return
% difference
2016-2014
% difference
2016-2011
12.000 2,27% 0,00% -100,00% -100,00%
15.000 10,24% 8,16% -22,82% -20,31%
20.000 14% 12,48% -13,54% -10,84%
30.000 18,44% 17,58% -9,01% -4,63%
40.000 21,26% 20,73% -7,73% -2,47%
50.000 24,52% 24,11% -7,66% -1,70%
100.000 33,48% 33,64% -7,12% 0,47%
150.000 36,88% 37,49% -6,76% 1,67%
Final tax rates range 19% to 45% as from 2016
Final average reduction in implementing the reform 12,5%
Personal minimum allowance raises 400 euro per taxpayer
1.600.000 taxpayers will no longer generate PIT payments. Out of them, 750.000 with revenues
lower than EUR 12,000 will not even be subject to PIT withholdings
As compared to 2011, the final tax reform reduces taxation on employees whose income is below
EUR 50,000
15. PIT: Fostering equity
23/06/2014 15
PIT’14 PIT’15
Amounts Absolute %
Descendants 1º: 1.836
2º: 2.040
3º: 3.672
4º: 4.182
2.400
2.700
4.000
4.500
564
660
328
318
30,72%
32,35%
8,93%
7,60%
Children under 3 years 2.244 2.800 556 24,77%
Ascendants / aged > 65
> 75
918
2.040
1.150
2.550
232
510
25,27%
25%
Disabilities > 33%‹65%
<65%+reduced mov
> 65%
2.316
4.632
9.354
3.000
6.000
12.000
684
1.368
2.646
29,53%
29,53%
28,29%
Significant increase up to 32% of the minimum living allowance for families
16. PIT: Fostering equity
23/06/2014
16
New social benefits for families and disabled people
Tax benefits for working mothers are maintained, and new types of social
protection are provided for:
1. Families with dependent children with disability degree over 33%
2. Families with dependent ascendants with disability degree over 33%
3. Large families:
• 3 or more children
• 2 children, one of them with a disability degree over 33%
4. Special large families:
• 5 or more children
• 4 children, at least 3 of them born in multiple birth or coming from
multiple adoption
• 4 children and annual income not exceeding 75% of IPREM (Public Income
Indicator of Multiple Effects)
Amount : EUR 1.200 per year, cumulative for each family situation met up to
a total amount of EUR 4,800. Compatible with working mother benefit
17. PIT: Fostering equity
23/06/2014 17
ANNUAL
WAGES
SEVERANCE
PAYMENT
% EXEMPT PAYMENT
2014
% EXEMPT PAYMENT
2015
12.000 1.100 100% 100%
15.000 1.375 100% 100%
20.000 1.833 100% 100%
30.000 2.750 100% 72,72%
40.000 3.666 100% 54,55%
50.000 4.583 100% 43,64%
100.000 9.166 100% 21,82%
150.000 13.750 100% 14,54%
Limit to the exemption of severance payments:
Fairness applied to the tax treatment of severance payments
Minimum exempt EUR 2,000 per year worked
Higher benefits for low and middle salaries
18. PIT: Fostering equity
23/06/2014 18
Exemption of capital gains from the transfer of first
residence in lieu of payment. Exemption of the Tax
on the Increased Value of Urban Land is regulated as
well.
Negative capital gains from preferred shares can be
offset against the capital gains derived from the
shares exchanged.
19. PIT: Promoting long-term
savings
23/06/2014 19
New investment vehicle “Ahorro 5”
New Long Term Saving Plans are created as an alternative
to other tax-benefited saving instruments
They may take the form of bank account or insurance
Exemption on capital gains
Minimum 5-year holding
Pension plans:
Single maximum contribution EUR 8,000 per year
20. PIT: Self-employed
23/06/2014 20
Withholdings for professional self-employed are reduced
from 21% to 15% if total income is lower than EUR 12,000
as long as more than 75% of their income derives from
business activities
The reduced taxation (15%) for new enterprises is
maintained. This reduction was provided for in the
Entrepreneurs Law. The rate is applied to the first EUR
300.000 in the taxable base. Exceeding amount taxed at
20% in the next two years (first tax year with positive tax
base and the following).
21. PIT: Self-employed
23/06/2014 21
Limitation of the simplified method (applicable to SMEs):
The exclusion threshold of revenues is reduced from EUR 450,000 to 150,000
and the threshold of expenses from EUR 300,000 to 150,000.
Activities invoicing less than 50% to individuals are excluded.
Activities taxed at 1% rate are excluded: manufacturing (little exceptions) and
construction (masonry, plumbing, fitters, carpentry, locksmith, painting.)
The following activities will remain within the simplified method: making
bread and bakery, pastry and fried masses; text printing, retailers, cafes,
restaurants, kiosks, two-stars hotels or inferior category, repair workshops,
passengers road transport, taxis, couriers, schools and driving schools, dray
cleaning and hairdressing salons.
Agriculture and livestock remain under this system, with their own
peculiarities: exclusion threshold 200.000-150.000 and unchanged 50%
invoicing.
22. PIT : Typical example
middle income
23/06/2014 22
Employed taxpayer with no children filing individual tax return
Income from employment: EUR 25,000
PIT
2014
PIT
2015
SAVINGS
2015-2014
% 2015-
2014
PIT
2016
SAVINGS
2016-
2014
% 2016-
2014
Total income 25.000 25.000 25.000
Min. pers. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Total tax liability 4.024 3.693 -331 -8,23% 3.535 -489 -12,15%
Net payable 4.024 3.693 -331 -8,23% 3.535 -489 -12,15%
23. PIT : Typical example
middle income
income rate?
23/06/2014 23
Family with two children filing individual tax return
Income from employment EUR: 25,000
PIT
2014
PIT
2015
SAVINGS
2015-2014
% 2015-
2014
PIT
2016
SAVINGS
2016-
2014
% 2016-
2014
Total income 25.000 25.000 25.000
Min. pers. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Descendants
minimum
1.938 2.550 -612 -31,58% 2.550 -612 -31,58%
Total tax liability 3.544 3.183 -361 -10,19% 3.050 -494 -13,94%
Net payable 3.544 3.183 -361 -10,19% 3.050 -494 -13,94%
24. PIT: EXAMPLES
Example 1*
23/06/2014 24
Unmarried taxpayer, no children. INDIVIDUAL TAX RETURN.
Income from employment EUR: 12,000
*Analyis PIT reduction with no children (falls below non-taxation threshold)
PIT
2014
PIT
2015
SAVINGS
2015-
2014
% 2015-
2014
PIT
2016
SAVINGS
2016-
2014
% 2016-
2014
Total income 12.000 12.000 12.000
Min. pers. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Total tax liability 275 0 -275 -100% 0 -275 -100%
Net payable 275 0 -275 -100% 0 -275 -100%
25. PIT: examples
Example 2*
23/06/2014 25
Self-employed with no children filing individual tax return.
Income from business transactions: EUR 40,000
*Analysis PIT reduction with no children
PIT
2014
PIT
2015
SAVINGS
2015-2014
% 2015-
2014
PIT
2016
SAVING
2016-
2014
% 2016-
2014
Total income 40.000 40.000 40.000
Min. pers. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Total tax liability 10.495 9.936 -559 -5,33% 9.447 -1.048 -9,99%
Net payable 10.495 9.936 -559 -5,33% 9.447 -1.048 -9,99%
26. PIT: examples
Example 3*
23/06/2014 26
Family with one child aged more than 3 years filing joint tax return.
Income from employment: EUR 15,000
*Analysis minimum for descendants
IRPF
2014
IRPF
2015
AHORRO
2015-2014
% 2015-
2014
IRPF
2016
AHORRO
2016-
2014
% 2016-
2014
Total income 15.000 15.000 15.000
Min. pers. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Descendants min. 1.836 2.400 -564 -30,72% 2.400 -564 -30,72%
Total tax liability 250 46 -204 -81,60% 44 -206 -82,40%
Net payable 189 46 -143 -75,66% 44 -145 -76,72%
27. PIT: examples
Example 4*
23/06/2’014 27
Family with two children, one aged under 3. No working mother. They file joint
tax return.
Income from employment: EUR 22,000
*Analysis miimum for descendant and care of children under 3
PIT
2014
PIT
2015
SAVINGS
2015-
2014
% 2015-
2014
PIT
2016
SAVINGS
2016-
2014
% 2016-
2014
Total income 22.000 22.000 22.000
Min. pers. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Minimum for
descendants
3.876 5.100 -1.224 -31,58% 5.100 -1.224 -31,58%
Allowance care of
children under 3
2.244 2.800 -556 -24,78% 2.800 -556 -24,78%
Total tax liability 812 438 -374 -46,06% 421 -391 -48,15%
Net payable 812 438 -374 -46,06% 421 -391 -48,15%
28. PIT: examples
Example 5*
23/06/2014 28
Self-employed with 40% disability filing individual tax return
Income from business transactions: EUR 20,000
*Analysis minimum for taxpayer’s disability
PIT
2014
PIT
2015
SAVINGS
2015-2014
% 2015-
2014
PIT
2016
SAVINGS
2016-
2014
% 2016-
2014
Total income 20.000 20.000 20.000
Min. per. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Minimum for
disability
2.316 3.000 -684 -29,53% 3.000 -684 -29,53%
Total tax liability 3.222 2.668 -554 -17,19% 2.553 -669 -20,76%
Net payable 3.222 2.668 -554 -17,19% 2.553 -669 -20,76%
29. PIT: examples
Example 6*
23/06/2014 29
Family with three children filing individual income tax return.
Income from employed spouse with higher income: EUR 40,000
*Analysis minimum for descendants and negative tax on account of large family
PIT
2014
PIT
2015
SAVINGS
2015-2014
% 2015-
2014
PIT
2016
SAVINGS
2016-2014
% 2016-
2014
Total income 40.000 40.000 40.000
Min. pers. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Minimum for
descendents
3.774 4.550 -776 -20,56% 4.550 -776 -20,56%
Total tax liability 7.484 7.255 -229 -3,06% 6.903 -581 -7,76%
Negative tax - 600 -600 -100% 600 -600 -100%
Net payable 7.484 6.655 -829 -11,08% 6.303 -1.181 -15,78%
30. PIT: examples
Example 7*
23/06/2014 30
Married taxpayer 1 disabled child (40%) filing individual income tax return.
Income from employment: EUR 17,000
*Analysis minimums descendant+disability and negative tax on account of descendant’s disability
PIT
2014
PIT
2015
SAVINGS
2015-2014
% 2015-
2014
PIT
2016
SAVINGS
2016-2014
% 2016-
2014
Total income 17.000 17.000 17.000
Mín. pers. allow. 5.151 5.550 -399 -7,75% 5.550 -399 -7,75%
Minimum for
descentands
918 1200 -282 -30,72% 1.200 -282 -30,72%
Minimum for
disability
1.158 1.500 -342 -29,53% 1.500 -342 -29,53%
Total tax liability 1.495 1.208 -287 -19,20% 1.151 -344 -23,01%
Negative tax 0 600 -600 -100% 600 -600 -100%
Tax payable 1.495 608 -887 -59,33% 551 -944 -63,14%
32. NRIT
23/06/2014 32
2014 2015 2016
General tax rate 24,75% 24% 24%
Tax rate for EU and EEA incomes 24,75% 20% 19%
Tax rate for dividends, interests and gains 21% 20% 19%
Lower rates for the Non Residents’ Income Tax
Thus approaching this tax to the drop of PIT general and savings
tax rates
Two-staged
Favours attraction of individuals residing abroad
Annual lists of tax havens
34. CIT: Improvement of the
Spanish companies’
competitiveness
23/06/2014 34
Tax rate is reduced:
In 2015 the interim tax rate will be 28%.
The tax rate will be definitively confirmed at 25%.
30% tax rate maintained for credit institutions.
The tax base is broadened to bring the effective rate closer to nominal rate.
Depreciation
Impairment
Financial expense limitation remains
In order to maintain revenues in 2015, the following temporary measures now in
force are renewed:
Increased instalmentned payments
Limited compensation negative basis
Limited goodwill
Increased instalment payments with dividends sourced abroad.
35. CIT: Favouring financial
deleveraging and balance
sheets cleaning up
23/06/2014 35
Capitalisation reserve
Capitalisation reserve of 10% profits of the year substitute former
reinvestment deductions.
Investment in business assets not required.
General limit 60% for Tax loss carryforwards (as from 2016).
No time limit (currently 18 years)
All balance sheets of Spanish companies are cleaned up
Measure comparable to taxation in the surrounding area
Limit applicable from one million onwards (not to affect SMEs)
36. CIT: SMEs
23/06/2014 36
Taxation of small companies remains
New equalisation reserve for SMEs:
Non available to offset future negative basis in a 5-year term.
10% profit of the year limited to EUR 1 million.
If the equalisation reserve is applied, the tax rate is 22,5%.
Tax rate reduction:
With definitive character, the tax rate is fixed at 25% in 2016.
20,25% tax rate if both capitalisation and equalisation reserves are
applied.
37. CIT: Simplification and adaptation of
taxation on companies to
international tax treatment
23/06/2014 37
Tax treatments of resident and non resident participations are
equated.
Exemption 100% dividends of participations exceeding 5%
Exemption 100% capital gains of participations exceeding 5%
Modification and updating of depreciation tables.
No deductibility of equity securities impairments extended to
fixed income portfolios and fixed assets.
Losses are deductible only when they become definitive upon asset
derecognition.
Deductibility of impairment losses on credit and inventories.
38. CIT: Fight against fraud and
greater legal certainty
23/06/2014 38
Possibility of deduction of tax expenses barred if tax
characterisation differs among countries (BEPS – OECD).
Returns from financial instruments cannot be deducted when the
beneficiary abroad does not pay taxes on them (hybrids).
Limitation of allowances for expenses incurred in business
relations with clients.
Maximum 1% of turnover.
Rationality in rules applicable to related transactions
Significant influence shall be deemed to exist with participation over 20%.
Simplification of documentary obligations
Checking efforts can be concentrated
40. VAT: Adjustment of taxation on
consumption to the international
tax treatment
23/06/2014 40
ADAPTATION TO COMMUNITY LEGISLATION
Health care products VAT rate
Products designed for people with physical, mental, sensory or intellectual
impairments, such as eyeglasses, prosthesis, wheelchairs or crutches continue
being taxed at the reduced rate.
Medical products as gauzes, bandages, first aid kits and eye patches continue
being taxed at the reduced rate.
Go up to 21%: Intermediate products for drug development, medical instruments
and equipment, medical devices and pharmaceutical products.
New rules on the localisation of assets:
Taxing at destination of electronic, telecommunications and radio-television
services when the addressee is a private individual.
E-books will be taxed in the country where downloaded
42. Incentives to industrial activities
and R&D and cultural investment
23/06/2014 42
Extension of partial exemption (85%) of the tax on electricity
23/06/2014 In order to improve international competitiveness of productive processes
demanding intensive use of electricity, a partial exemption was provided for with respect
to metallurgical, mineralogical and electrlytic processes.
The exemption is extended to all productive processes in which the costs of electricity
exceeds 50% of production costs: benefits the production of industrial gases.
Incentives for R&D activities
Companies investing more than 10% of their accounting net income in R&D will extend
their percentage of deduction to 50%.
Incentives for cultural activities
Spanish cinematographic productions.
Single tax rate for financial producer and co-producer.
20% on the first million, 18% on the remaining amount up to 3 million.
Foreign cinematographic productions.
15% of expenses incurred within the Spanish territory, up to EUR 2,5 million.
Expenses incurred in Spain must be at least EUR 1 million.
Advanced refund available.
43. Stimulus to patronage
23/06/2014 43
5 percentage points increase in deductions in PIT for donations.
In order to promote steadiness in these contributions, this
percentage is additionally increased in another 5 percentage
points.
It will be necessary to maintain the contribution for 3 years
Also applicable to legal persons
For donations up to EUR 150, a 75% deduction rate is established
aimed at broadening social participation.
Donations exceeding that amount will be eligible for increased
deduction rates.
45. Fight against fraud
23/06/2014 45
Lists of defaulters to be published.
Annual publication of tax havens
Tax audit process: New deadlines and suspension of Statutes of
Limitation in specific situations.
Administrative assessment in evidence of tax fraud.
Tax assessment cases are extended to smuggling offenses.
Better precision in the indirect assessment regime.
Imprescriptibility of the Administration’s right to check tax credits
derived from statute-barred tax years.
Interruption of the limitation period of related tax obligations.