August international tourism in Spain generates record 305 million euros per day, 4.1% higher than in 2014

​International tourism therefore generated an average of 305.2 million euros per day for the Spanish economy in August.

This increase in spending was due to an increase in tourist numbers in August (up 1.6%), increases in the average spend per person (up 2.4%) to 1,026 euros and an increase in the average spend per day (up 4.6%) to 107 euros. The United Kingdom and the Asian markets made significant contributions to this result in August.

Early figures on budgetary performance indicate Spain will meet its deficit targets in 2015

This is the first General State Budget to be presented since the start of the crisis with a primary surplus of 0.35 points of GDP, meaning that the ratio of public debt over GDP will continue to fall.

The General State Budget for 2016 is based on the same objectives as the four previous budgets drawn up by the Government of Spain during this legislature: economic growth, job creation and meeting fiscal consolidation commitments. The State Secretary for Budgets and Expenditure, Marta Fernández Currás, said today that these commitments will also be met in 2015, as she announced the positive results from the budgetary performance data to be released next week, which show a reduction in the deficits posted by both the Central Government and the regional governments. They also reflect the excellent health of the local authority accounts. "We are on the right path to meeting our stability target", she said.

TAX FINES AND SANCTIONS ON TAX FORMS OBLIGATIONS (II)

This new article we will see about other different tax fines and sanctions that can affect to people or corporations.

Penalties for not paying a tax when the result is to pay. 

This penalty is avoided when the taxpayer pays the tax without the previous requirement of the Tax Office. Or when the tax is submitted in time but without paying the deposit, because in this case the executive process to collect that debt is beginning.

Five things Spain’s ‛gag law’ will stop you doing from today

The countdown has ended. The government’s new Citizen Safety Law went into effect on Wednesday despite widespread rejection from opposition parties and many sections of society.

“Demonstrations will be freer because they will be protected from violent elements,” claims the ruling Popular Party (PP).

But the opposition accuses the government of creating “a police state” because law enforcement officers will have the power to hand out administrative sanctions that were, until now, the sole preserve of judges.

TAX FINES AND SANCTIONS ON TAX FORMS OBLIGATIONS (I)

Today we are going to explain with some detail what are the consequences of not complying with our tax obligations, or do it out of time.

Penalties for submitting tax forms after the deadline
 

If there is not a financial damage to the Tax Office , then apart from the surcharge addition , the following sanctions shall be established .

• Fixed pecuniary penalty of 200 euros . The fine would be 400 euros in the case of census tax forms.
• For cases of  informative tax forms , a pecuniary fine of 20 euros for each item or set of data referring to the same person or entity that has to been included in the statement with a minimum of 300 euros and a maximum of 20,000 euros.

Inbound tourist spending in Spain sets new record of 21.81 billion euros between January and May, up 8.4%

In May, total spending by inbound tourists rose by 11.8% to 5.89 billion euros. This is a new record for May and the largest year-on-year increase ever recorded in May.

​According to the Tourist Expenditure Survey (Spanish acronym: EGATUR) drafted by the General Sub-directorate of Tourism Information and Studies of the Ministry of Industry, Energy and Tourism, total spending by inbound tourists travelling to Spain between January and May was the highest since records began, standing at 21.81 billion euros. This represents growth of 8.4% on the first five months of 2014.

Average number of foreign citizens registered with Spanish Social Security system rises by 55,334 in May, the largest rise since 2005

The number of foreign citizens registered with the Spanish Social Security system stood at 1,663,217 in May, an increase of 3.44% - or 55,334 National Insurance contributors - on April. The increase in contributor numbers to the system was the largest for the month of May since 2005 (the year in which the status of immigrants was regularised).

When compared with 2014, the number of foreign workers has increased by 3.42% - equivalent to 54,996 more NI contributors. The rate has returned to positive figures for the first time in six years.

Spain and Russia increase collaboration on industry, energy, transport and tourism

The 8th Session of the Spain-Russia Inter-governmental Mixed Commission on Economic and Industrial Cooperation was held in Madrid today. The meeting was jointly chaired by the Spanish Minister for Industry, Energy and Tourism, José Manuel Soria, and the Energy Minister of the Russian Federation, Alexander Novak.

The meeting was attended by senior members of both governments and executives from large Russian and Spanish companies to assess trends in economic and trade relations in recent years and analyse the possibilities of future cooperation.

Ranks of Spain’s rich have grown by 40% since start of crisis, study finds

The number of people with large fortunes in Spain has grown by 40 percent since the crisis began in 2008. In 2014 alone, the amount of wealthy individuals rose 10 percent to reach 178,000 people, a new report finds.

A study by consulting firm Capgemini and RBC Wealth Management found that there had been a seven-percent global increase in the number of high net worth individuals (HNWI) in 2014. People who fall into this category have a million dollars or more in investable assets without counting the value of their primary residence or consumer goods.

Prices fall 0.2% in May, 0.4 points down on the April figure, due to energy and fresh food

The Consumer Price Index (CPI) fell by 0.2% in May year-on-year, according to figures published by the National Institute of Statistics (Spanish acronym: INE). This rate matches the figures published by INE at the close of May and is 0.4 percentage points (pp) higher than April.

The acceleration in prices has been reflected in the main CPI headings, particularly fresh food and energy products, which are the most volatile elements in the general index. Month-on-month, prices rose 0.5%, particularly in the case of energy and fresh food.