In Madrid, the tax cuts are expected

In Madrid, the tax cuts are expected

The head of government of Madrid Ignacio Gonzalez announced the impending reduction of the autonomous part of the basic income tax rate by 1.6% and the real estate transfer tax will be reduced by 1% and will reach 6%, according to ee24.com citing noticia.ru.

The government is not afraid of the fact that this measure will lead to a reduction in tax revenue. The decrease is already included in the state budget plan for the next year, which will be approved by the government in the near future.

Also, by a quarter will be reduced the tax clearance of legal acts. This collection are subject to notarial deeds and documentation of mortgage loans in the primary market.

By reducing the tax burden the citizens of Madrid will save about €357 million. Ignacio Gonzalez stressed that first of all the reduction of the basic income tax will have a positive impact on the citizens with low income.