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Daily Tax Report: International

Spanish Fiscal Reform Is Inevitable, Prime Minister Sanchez Says

July 2, 2020, 12:02 PM

A tax reform in Spain is “inevitable” to sustain the country’s welfare state, Prime Minister Pedro Sanchez said Thursday.

“We have to reinforce the welfare state and we can only do that with more fiscal justice,” Sanchez said in an interview with La Sexta tv channel. The country will have to reduce public debt and fiscal deficit resulting from the coronavirus pandemic and can only do by increasing “out capacity to collect state revenue,” Sanchez said.

Sanchez also said that his government plans to announce a plan to offer 50 billion euros ($6.4 billion) state-backed loans to companies, adding to an existing 100 billion euro plan.

To contact the reporter on this story:
Laura Millan Lombrana in Madrid at lmillan4@bloomberg.net

To contact the editors responsible for this story:
Chad Thomas at cthomas16@bloomberg.net

Rodrigo Orihuela

© 2020 Bloomberg L.P. All rights reserved. Used with permission.

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