The main developments this year are the 8.5% revaluation of pensions in accordance with average monthly inflation from November 2021 to 2022 and the 15% increase in non-contributory pensions.
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Over the last few months, an attempt has been made to build a simple but straightforward narrative, according to which the banking sector must make an additional fiscal effort due to the increase in its hypothetical extraordinary profits, with which to contribute to the necessary income agreement.
In 2022, the support measures put in place by the government in a bid to combat rising energy prices are expected to reach 16 billion euros, or around 1.3% of GDP. Despite this, the imbalance in the public accounts is following a similar path t…
This Working Paper analyzes the settlement of the financing system of the autonomous communities under the common regime for 2020, which has recently been made public by the Ministry of Finance.
In the first half, remittances to Chiapas grew more than 70% and surpasses Puebla and Veracruz. In Michoacán, remittances (4,056 million dollars) represented 105.4% of the total amount of state income (3,849 million dollars) in 2020.
Unlike the 2011 and 2013 reforms, the 2021 measures increase the projected deficit of the pension system and pass it on to the State, increase contributions, making job creation more expensive, and reduce intergenerational equity, in exchange for a greater budgetary burden on the younger generations.
August 10, 2021
Spain | The 2019 settlement under the common system of autonomous communities financing
This Working Paper analyzes the settlement payment for 2019 under the common system of autonomous communities financing, recently published by the Ministry of Finance.
On July 30, the European Banking Authority (EBA) published the results of the stress tests it regularly carries out on the major European Union banks. The top 50 banks (covering 70% of total EU banking assets) were analyzed for a baseline and a…
Boosting tax revenue with VAT requires the elimination of the zero-rate for many products with the exception of some food items and would be justified by tax regressivity
The deficit the crisis has left in public accounts probably reached 11.5% of the GDP in 2020. Moreover, in the short term, the imbalance in public accounts may have to go back to historically high levels again in 2021 in order to sustain activi…
Lower tax revenue would lead to a higher primary deficit (ceteris paribus). To meet the primary deficit target of 0.4% of GDP for 2020 under the aforementioned contraction range, the federal government would need to cut down public expenditure by MXN 209 billion and MXN 418 billion in 2020, respectively.
Last year, the federal government used 125 billion pesos from the Budget Revenue Stabilization Fund (FEIP) because of a lower than expected collection. This allowed the objective to reach a primary surplus of 1% of GDP to be met - in fact it was 1.1%.