by Mike ‘Mish’ Shedlock
The budget mess in Spain just got a lot worse. Instead of corporate tax collection rising by the budgeted 20%, collection actually went negative. Personal income tax collection is also running behind target.
Via translation from El Blog Salmon Why Corporate Tax revenues Go So Wrong?
Negative Revenue During 2016
The latest data from the Treasury shows that the corporation tax collection is negative €539 million compared to €1.814 billion in revenue by 2015.
Never since the beginning of the corporate tax in 1995 has corporate tax collection been in negative territory.