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Prime Minister's Office of Spain : "There is not, nor will there be, a tax on deposit holders in Spain", says Cristˇbal Montoro

03/20/2013 | 05:29pm EDT

"I am going to clarify the content of this tax given that there is a certain degree of confusion in the media: first of all, there is not, nor will there be, any tax on deposit holders or savers in Spain, such as the one they are trying to implement in Cyprus; secondly, banking entities are taxed according to their volume of deposits and is intended to replace the tax being applied in three autonomous regions until December", he said during the Government Control Session in the Lower House of Parliament.

The minister explained that this new tax has not been created to increase revenue but rather "to implement order in the Spanish banking market based on demands being made by the European Commission". The Government of Spain is thus guaranteeing the application of a uniform tax throughout the country.

Cristóbal Montoro recalled that the Government of Spain already announced the creation of this tax in December and the possibility of applying a tax rate higher than the 0% at which it was created in January following approval from Parliament.

However, the minister stressed that the tax rate "will be very moderate" and will serve to offset, as stated in the law, the three autonomous regions (Andalusia, the Canary Islands and Extremadura) that have had it in place until now. On Tuesday, in the Upper House, the minister said that this tax rate "will not be much higher than zero".

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