Spain to Raise Environmental Taxes

Spain wants to raise €500 million ($528 million) from new environmental taxes as part of a package of fiscal measures to meet the European Union’s budget deficit goals, AP reported. The new environmental taxes are part of the revised budgetary plan Spain has submitted to the European Commission. The plan says the new taxes will target a reduction in greenhouse gases. Spain’s plan also includes previously announced tax hikes on tobacco, beverages and a new tax on soft drinks that together it says will raise another €350 million. The plan also includes measures to crack down on tax fraud, streamline government administrations and eliminate some tax breaks for businesses. Spain is behind on its budget planning for 2017 after two inconclusive elections left it without a fully-functioning government for 10 months, and it is now racing to convince the European Commission it can reach its deficit goals.