Spanish Gov't Announces Temporary Tax Cuts To Relieve Consumers After Record Power Prices | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Spanish Gov't Announces Temporary Tax Cuts To Relieve Consumers After Record Power Prices

Spain's Socialist-led government announced temporary tax cuts on power prices in an attempt to drive down household electricity costs, which have surged this summer and triggered outrage among working-poor, according to FT.

Pedro Sánchez, Spain's prime minister, addressed the nation on Monday night to minimize political damage from the hyperinflationary rise in power prices. He said taxes on electricity would be significantly reduced, and energy companies would be taxed on their "extraordinary profits" and "redirected to consumers."

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