Improvements within the Basque economy will enable institutions to collect 9.3% more than the previous year
The Basque Government and the provincial councils have reached an agreement to draw a close to collection in 2010 at just over 11,800 million euros, with revenue estimates for 2011 amounting to 12,500 million, 6% more than this year.
The Basque Minister for the Economy and the Treasury, Carlos Aguirre, and the three deputy generals of the traditional territories, José Luis Bilbao, Markel Olano and Xabier Agirre have held a meeting in the Basque Ministry for Public Financing to draw a close to the 2010 collection and issue the revenue estimate for 2011. Both parties have benefited from improvements within the Basque economy and the modification of various tax applications, such as the partial abolition of the "400 euros" deduction and the increase in the tax applied via VAT and tax on moveable assets. Carlos Aguirre emphasised that the agreement signifies that tax collection will entail 425 million euros more than estimates suggested and that the contributions of the traditional councils to the Basque Government represents 448 million more than was foreseen in the budgets.
The usual indicators that are showing improvements in the vital signs of the Basque economy were today bolstered by the agreement reached in the Basque Ministry for Public Finances between the Basque Government and the three traditional councils. In a meeting the lasted for more than three hours, the Basque institutions drew the collection for 2010 to a close at approximately 11,800 million euros, which represents 9.3% more than the previous year. The Basque Minister for the Economy and the Treasury, Carlos Aguirre, has emphasised that the increase in tax collection is the result of "the improvements within economic activity" registered in recent months and the effects of the modification of various tax applications, such as the partial abolition of the "400 euros" deduction, the increase in the tax applied via VAT and tax on moveable assets and Rover.
The Basque Minister for the Economy and the Treasury, Carlos Aguirre, and the three deputy generals of the traditional territories, José Luis Bilbao, Markel Olano and Xabier Agirre, explained the details of the agreement in a press conference that took place this afternoon in Lakua (Vitoria-Gasteiz).
In the Ministry, the parties also evaluated the Extraordinary Plan for the Cession of Public Guarantees for Financing. The most important figures reflecting the current situation of the program are as follows:
In 2009, guarantees were awarded to 5 projects (8 companies) involving a total amount of 38,980,692 euros, formalised at the amount of 33,897,528 euros.
In 2010, at the time of writing, guarantees have been awarded to 7 projects (7 companies) involving an amount of 74,663,900 euros, of which 59,375,600 euros have been formalised.
These 12 projects (15 companies) have direct bearing on the activity of 172 companies, which together account for business transactions amounting to 4503.2 million euros and provide employment to 11,389 people. Moreover, these companies generate contracting from Basque SME's amounting to approximately 860 million euros, thereby consolidating the activity of 1950 additional companies that provide employment to a further 16,500 people.