By James Parkes
THE STATE of the Nation debate which began in Parliament today (12-05-09) started with a huge shock for future property buyers as PM Zapatero announced plans to scrap the IRPF deduction for property purchases from 2011.
Sr Rodríguez Zapatero said the deduction will only be available to those who earn less than 24,000 euros a year (gross).
The scrapping of the IRPF tax deduction, which could be applied by all taxpayers to their main home (not second or holiday homes) is part of a new series of measures to cut costs to face recession.
Meanwhile, a reduction in company tax (of around five percentage points) is expected to help businesses.
Article taken from 'Costa News'
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