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 Daily news from the Canaries and the islands' biggest English language newspaper on-line Tax hikes Smokers and workers worst hit A series of new money-raising measures being introduced by regional and national governments are taking effect almost immediately. 
The higher tax, introduced by treasury minister Cristóbal Montoro, has been approved by the new Mariano Rajoy government for 2012 and 2013 and will oblige employers to impose the additional retention from February in line with instructions from the tax office. The deductions are progressive, so 0.7 per cent for those whose take home pay is under €17,707 a year, rising to seven per cent for those earning over €300,000 per annum. As employers are being asked to apply this to nominas (pay slips) for that month, that should only begin to take effect on monies paid into employee accounts at the end of next month or beginning of March. Experts are already saying that the biggest hit will be the middle classes who will contribute over 65 per cent to the exchequer under the new retention scheme. Commenting on the tax increase minister Cristóbal Montoro, called it a small price to pay and insisted that by the end of this government’s term of office everyone would be paying less tax than they were under the last administration. The new taxes brings Spanish earners closer to the higher tax payers in Europe and will also affect savings, with proportional increases being applied of two to six per cent depending on the amount in question. The government hopes to raise €5,357 million under the new legislation. Meanwhile the price of cigarettes and other tobacco products in the Canaries rose on January 10th as several companies pass on the excise duty hike ordered by the regional government. The rise meant that popular brands have increased in price by up to 25 cents per packet. However, some of the companies, including JTI, which makes Winston, Camel and Coronas, have said they will hold back for the moment before deciding on the amount of the rise. The regional government announced at the end of the year that it wanted to raise the price of cigarettes, particularly lower-end brands, to put them beyond the reach of younger smokers. Market research shows that a 10 per cent price increase can cut the number of smokers by four per cent, a number that rises to seven per cent with regard to young smokers.
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