(MENAFN- Saudi Press Agency) Spain should raise taxes and cut government salaries to narrow its budget deficit, the International Monetary Fund (IMF) said in a report Friday.
The international lender said Spain’s deficit likely will exceed estimates, and the government therefore should consider several measures to increase tax revenue.
The IMF suggested the government increase its value-added tax (VAT), a type of sales tax. Spain also should eliminate a deduction on mortgage payments for first-time homebuyers, which recently was reintroduced.
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