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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Spain looks to higher taxes to rein in deficit AFP - Sunday, September 27 Send IM Story Print Spain's Economy Minister Elena Salgado attends a meeting of G20 finance ministers on September 5, 2009. Spain's government Saturday approved a draft budget providing for tax hikes worth nearly 11 billion euros to rein in the deficit as it struggles with recession and Europe's highest jobless rate. MADRID (AFP) - – Spain's government Saturday approved a draft budget providing for tax hikes worth nearly 11 billion euros to rein in the deficit as it struggles with recession and Europe's highest jobless rate. "The sum of these measures will result in revenue of around 10.95 billion euros (16.07 billion dollars), or around one percent of our gross domestic product," Economy Minister Elena Salgado said after a cabinet meeting. Under the new budget, the main rate of value-added tax will rise from 16 percent to 18 percent and a lower rate from seven percent to eight percent, starting July 1. The lowest rate of all will remain at four percent. The government also intends to end a 400-euro income tax allowance and hike the tax on capital investment revenue, from 18 percent to 19 percent on the first 6,000 euros and 21 percent thereafter. The government, which denies it risks hindering an economic recovery that it expects to begin in 2010, also cut public spending projects by 3.9 percent from 2009 to 185.24 billion euros. Socialist Prime Minister Jose Luis Rodriguez Zapatero had made reducing taxes a key plank of his government since taking office in 2004. But the recession which has battered the country since 2008 and measures to revive economy have hit public accounts hard, sparking one of the most dramatic reversals in Europe. Zapatero now is battling a mounting public account deficit and soaring unemployment that has reached 17.9 percent -- the highest in the European Union. The government said it expects a total budget deficit for 2010, including regional and state governments, of 8.1 percent, and a central government deficit of 5.4 percent. Public debt should rise to 62.5 percent of GDP. Under EU rules, member states are supposed to keep their budget shortfalls to less than three percent of gross domestic product although they are allowed some leeway when the economy sours. It is an "austere" budget that will help "the recovery of employment," said Deputy Prime Minister Maria Teresa Fernandez de la Vega. The government also maintained its commitment to increase salaries and the minimum level of pension. Although the government presented the budget as affecting the most wealthy, the measures are likely to affect the middle classes directly, particularly the end to the 400-euro income tax deduction. Conservative opposition leader Mariano Rajoy charged the budget would lead to "a higher deficit, more unemployment and more taxes." Formerly one of the eurozone's chief engines of economic growth and job creation, Spain suffered an abrupt change of fortunes last year when the global financial crisis hastened a correction that was already underway in its once-buoyant property sector. The government expects the Spanish economy, Europe's fifth-largest, will contract by 3.6 percent in 2009 and return to growth by the second half of next year. But it expects the unemployment rate will rise to 18.9 percent in 2010 after closing this year at 17.9 percent. 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