Tax rises to cost Canarians €10 a week in 2010

Tax rises to cost Canarians €10 a week in 2010

The Hacienda has estimated that the recent rise in taxes announced by the national Government will result in Canarians paying an extra €494 a year on average. As an autonomous region, the Canaries will be contributing an additional 206 million Euros to the state, but this will not mean as much to an individual Canarian taxpayer as the extra €10 or so a week by which s/he will be directly worse off in 2010.

The recent abolition of the €400 tax deduction, moreover, is expected to affect 96.3% of Canarians earning between 9,000 and 60,000 per annum. The Hacienda calculates that the removal of this measure, announced in Zapatero’s 2008 electoral campaign, will mean an extra tax revenue from the Canaries of 225 million Euros.

Businesses, however, enjoy a 5-point reduction, though the Hacienda considers the actual benefit to be limited in the Canaries as a result of the overall economic situation in the islands. None the less, it appears that around 20,000 small businesses could save around €1,737 each next year.  Canarias24Horas

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