income

Beneficiaries will earn €414 plus an extra €150 if they engage in employment programs

The Catalan executive and radical left pro-independence CUP are negotiating the fiscal law, the so called Accompaniment Law, for the 2017 budget. The draft is set to include tax reforms as well as the introduction of new taxes especially oriented toward avoiding property speculation. One of the main hurdles has to do with the reform of income tax, which foresees the elimination of tax relief for property purchase for those who earn more than 30,000 euros per year. By applying this modification the Government could collect 11 MEUR in 2018, negotiators estimate. CUP also aimed to increase income tax for those who earn more than 60,000, but this proposal is not apparently on the table.

The Catalan banking group Banc Sabadell earned €708.4 million in 2015, according to figures published by the company. This result is 90.6% higher than that obtained in 2014. The good result of Banc Sabadell in 2015 is mainly due to the integration of the UK bank TSB in June, which added accounts worth €122 million. Without this operation, Banc Sabadell’s net profits would only had grown by 57.8%. Thus, net interest income, which measures the bank’s ordinary activity of receiving deposits and authorising credit, was €3.203 billion, 41.7% higher than in 2014. The internationalisation of Banc Sabadell has already been consolidated and 32% of the credits were authorised abroad. In 2014, this percentage was 6%. The default rate, which has dropped to 7.79%, 5 points less than in 2014, also contributed to Banc Sabadell’s positive result.