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BREAKING:Spain sends 2023 budget plan to Brussels, expects €10 billion.

The progressive executive forged by the socialist party PSOE (S&D) and left-wing Unidas Podemos (United We Can/GUE-NGL) works with two possible economic scenarios for next year: one more prudent, and another one more optimistic, EURACTIV’s partner EFE reported.

The expected additional money would increase the Government’s spending margin to reinforce social measures intended to help vulnerable citizens mitigate the increase in energy prices derived from the war in Ukraine.

“The (extra) fiscal margin is expected to be used to extend and adopt those measures deemed most appropriate to protect the families, workers and companies most affected by the energy crisis,” official sources at the Finance Ministry stated.

The 2023 Budget Plan sent to Brussels forecasts the first scenario with revenues for the national public administration accounting for 42.3% of the Spanish Gross Domestic Product (GDP): €587,609 million in total, the Spanish public broadcast RTVE reported.

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On the Government’s general expenditure side, it forecasts 47.1% of the GDP in 2022 and 46.2% in 2023. In this first hypothesis, the €10 billion extra in tax collection is already included.

The second scenario envisages a “better-than-expected starting point for revenues in 2022, based on the good results of the settlement of personal income tax (IRPF) and corporate income tax (Impuesto de Sociedades) due to the dynamism of employment and solid economic growth,” Government sources stressed.

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Total revenue for the Government would account for 43% of the GDP, amounting to €597 million. As for taxes, the Spanish Government forecasts a rise from € 344.627 billion to €354.283 billion: an additional €9.656 billion euros for the Treasury.

In a second scenario, spending would reach 47.9% of the GDP in 2022 and 46.9 % in 2023.

In May 2023, Spain will hold municipal elections, considered the first litmus test for Prime Minister Pedro Sanchez’s governing coalition with Unidas Podemos. After that, the parties will have to face the general election set for December next year.


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