The Spanish economy minister rules out tax hikes while the recovery is still fragile

© Reuters. FILE PHOTO: Informal meeting of ministers for economics and finance in Berlin

MADRID (Reuters) – Spanish Economy Minister Nadia Calvino on Friday ruled out any tax hikes in the near future, saying the priority now is to stimulate the economy and encourage job creation following the effects of the COVID-19 pandemic.

Budget Minister Maria Jesus Montero said earlier this week the government was considering increasing corporate and property taxes but did not say when.

“All institutions agree (in our opinion) that it is not time to raise taxes until we have a clear and strong recovery,” Calvino told reporters after meeting her colleagues from the European Union.

Current expansionary fiscal and monetary policies aim to accelerate the recovery from the pandemic-triggered crisis, she said, adding that she believes the EU-wide cap on government deficits should remain suspended until 2022.

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