By Betty Henderson • 05 October 2022 • 11:52
President Francina Armengol announced the measures on October 4
The Balearic Islands government announced tax relief measures to help residents suffering with cost of living increases on October 4. President, Francina Armengol, announced measures applying to various different sectors to provide assistance to all that need it.
The government announced a package of measures to reduce tax by a total of €40 million. Tax discounts will be applied to the self-employed, nurseries, school resources, language learning programmes and for home renters.
Another measure introduced will increase the owner exchange fee on luxury properties to 12 per cent on houses over €1 million and 13 per cent on houses worth more than €2 million. These measures will fund tax relief amounting to more than €15 million. Conversely, the transfer fee on lower value properties for first time buyers will be reduced to four per cent.
The policy also includes relief measures for students from low income families. Eligible students will be reimbursed tuition fees. Students who travel to study their desired degree can also receive financial compensation.
Announcing the measures, Armengol distanced her Balearic Islands Socialist Party from the fiscally right-wing PP, highlighting the need for “socially fair taxation”.
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