Economy Madrid: the "tax haven" will be the second community...

Madrid: the “tax haven” will be the second community with the least deficit in 2021


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The Independent Authority for Fiscal Responsibility (AIReF) estimates that only the Canary Islands will have less budgetary deviation than the Madrid region during the next year

Canary Islands will register a surplus of 0.4% of its Gross Domestic Product (GDP) next year, according to the estimate of the Independent Authority for Fiscal Responsibility (AIReF), and it is the only region that will present better data than the Community of Madrid. Specifically, the “tax haven of Madrid”, as defined by the ERC spokesperson in Congress and the Government’s budgetary partner, Gabriel Rufián, will register a deviation of 0.3%.

It will therefore be the second community with better data, significantly lower than the figure of 0.8% for the communities as a whole and far from the 2.3% to which the Valencian Community will skyrocket.

This is stated in the estimates that AIReF published yesterday in its report on the Basic Lines of the 2021 Budgets of the communities, and in which it is also observed that the closing figure that Madrid will reach this year is equally positive. Its deficit will remain at 0.2%, a figure that the Canary Islands once again exceeds and, in this case, also Andalusia (-0.1%).

The publication of the estimates occurs at a time when the Government intends to carry out fiscal harmonization and in which the criticism of Madrid is increasing for incurring in an alleged dumping fiscal. And those words have not only come from ERC but also the Minister of Finance, MarÃa Jesús Montero, has uttered them on more than one occasion.

Madrid totally refuses to this harmonization, and the region governed by Isabel DÃaz Ayuso is willing to go to the Constitutional Court since it considers that the measure is an attack on its fiscal autonomy.

Others, like Galicia, are committed to harmonizing downwards through a range that allows them to preserve their low tax policy. This region will also present good deficit figures or, at least, below the average: 0.2% this year (the same as Madrid) and 0.4% in 2021. Cataluña, for its part, it will register a deviation of half a point in the two exercises indicated by AIReF

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