Companies will be required to pay more tax upfront in order for the acting government to raise €8 billion by the end of the year.

Spain has previously missed targets set by the EU and could face huge fines if the deficit is not reduced.

Spain needs to reduce its deficit to 4.6%  but the Bank of Spain forecasts a fall to only 4.9%, so a fine may be inevitable.

Conservative party, Partido Popular, had originally estimated it would raise €6 billion when the new tax changes are introduced, this figure has now been revised to €8 billion.

Source: The Olive Press

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