El Banco de España pone en duda la previsión de ingresos y gastos de Rajoy
Fernández Ordóñez ve "riesgos a la baja" en los cálculos de ingresos del Ejecutivo
Insta a subir el IVA si se detecta una desviación en los objetivos de déficit público
Suprime el margen para recortar más la inversión y cree que habría que tocar el gasto social
スペイン銀行総裁は、スペインの歳入は減少し、歳出は失業者や年金生活者の増加により増大し、付加価値税を増加さぜるをえないと言う
The Bank of Spain questions the estimate of revenue and expenses Rajoy
Fernandez Ordonez is "downside risks" in the executive revenue estimates
Calls to raise the VAT if it detects a deviation in the public deficit targets
Deletes the room to cut more investment and believes that we play social spending
Alvaro Romero Madrid 17 ABR 2012 - 13:26 CET
Fernandez Ordonez is "downside risks" in the executive revenue estimates
Calls to raise the VAT if it detects a deviation in the public deficit targets
Deletes the room to cut more investment and believes that we play social spending
Alvaro Romero Madrid 17 ABR 2012 - 13:26 CET
The Bank of Spain governor Miguel Fernandez Ordonez warned today that the estimate of revenue included in the State Budget for 2012 "is subject to downside risks," which means that there are high chances of non-compliance . This would call into question the objective of reducing the deficit, a goal that is unwavering in his view. Therefore, to ensure fiscal consolidation, advocates bring to the table "with all available instruments, including tax," including the increase in VAT which, today, is resisting the government.
The governor, who has just mandated in July, has begun his speech in Congress assuming that the Spanish economy has entered recession in the start of 2012 after falling 0.3% in the last quarter of 2011. The Government, he added, expected to address the drop in revenue that accompany this decline to changes in taxes. However, "according to the experience of last year that closed with a deficit of 8.51% compared to 6% expected-it is essential that a prudent projection." And is not the case, he added.
"The evolution projected for the total revenue in the budget is subject to downside risks." First, he explained, because both the expected revenue from corporation tax as the rest of tax revenue are conditioned "by the effectiveness of the numerous regulatory changes approved", which is particularly uncertain in the case of a tax amnesty. Also, because the recovery center in the external sector, export-tax revenue increases in the short and medium term are very moderate, especially if the property sector is in crisis and in Spain.
This, on the revenue side. While on the expenditure, the balance that makes the governor of the Bank of Spain also sheds much room for optimism given the magnitude of effort required. Especially, recalls Ordonez, because it can not rule out "a more negative evolution" of the items of unemployment benefits to an increase in unemployment higher than expected. Along with this and as both highlighted the experts, pension spending could also be higher than expected.
Given the proliferation of points of friction in which the budget could end up aground, Fernandez Ordonez urged to react quickly to a possible deviation from budgetary targets, which this year should drop to 5.3%. In this case, however, warns that the only way to achieve this would be touching taxes. "Since the scope for action on capital expenditures have been greatly reduced," which is to say that investment and you can not take anything and that we should begin to lower staff salaries, cut pensions or unemployment benefits reduce , only one thing: "to introduce new tax measures, preferably in the field of indirect taxation." That is, raise VAT.
Looking ahead, further indicates that "can not rule out" that the tax increase as the income tax increase approved in December on a temporary basis for the next two years, have to be replaced in time by permanent measures.
The governor, who has just mandated in July, has begun his speech in Congress assuming that the Spanish economy has entered recession in the start of 2012 after falling 0.3% in the last quarter of 2011. The Government, he added, expected to address the drop in revenue that accompany this decline to changes in taxes. However, "according to the experience of last year that closed with a deficit of 8.51% compared to 6% expected-it is essential that a prudent projection." And is not the case, he added.
"The evolution projected for the total revenue in the budget is subject to downside risks." First, he explained, because both the expected revenue from corporation tax as the rest of tax revenue are conditioned "by the effectiveness of the numerous regulatory changes approved", which is particularly uncertain in the case of a tax amnesty. Also, because the recovery center in the external sector, export-tax revenue increases in the short and medium term are very moderate, especially if the property sector is in crisis and in Spain.
This, on the revenue side. While on the expenditure, the balance that makes the governor of the Bank of Spain also sheds much room for optimism given the magnitude of effort required. Especially, recalls Ordonez, because it can not rule out "a more negative evolution" of the items of unemployment benefits to an increase in unemployment higher than expected. Along with this and as both highlighted the experts, pension spending could also be higher than expected.
Given the proliferation of points of friction in which the budget could end up aground, Fernandez Ordonez urged to react quickly to a possible deviation from budgetary targets, which this year should drop to 5.3%. In this case, however, warns that the only way to achieve this would be touching taxes. "Since the scope for action on capital expenditures have been greatly reduced," which is to say that investment and you can not take anything and that we should begin to lower staff salaries, cut pensions or unemployment benefits reduce , only one thing: "to introduce new tax measures, preferably in the field of indirect taxation." That is, raise VAT.
Looking ahead, further indicates that "can not rule out" that the tax increase as the income tax increase approved in December on a temporary basis for the next two years, have to be replaced in time by permanent measures.
スペイン銀行総裁は、スペインの歳入は減少し、歳出は失業者や年金生活者の増加により増大し、付加価値税を増加さぜるをえないと言う
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