The Spanish government has no plans to raise taxes during its current ter, in power, according to the country's Finance Minister Cristobal Montoro.

Montoro told Congress that Spain will not raise "any of the main taxes", but also promised to cut "some" of them. Under intense pressure from Brussels, Spanish Prime Minister Mariano Rajoy broke his 2011 campaign promise to avoid tax hikes. Rajoy's government is expected to remain in power until the following elections scheduled for 2015.

Montoro also promised to renegotiate its deficit goals with Spain's autonomous regions once Eurostat (the European Union´s statistics arm) confirms the Spain´s economic figures for 2012 and the European Commission makes a decision on the deficit target for the country. Several of the country's autonomous regions had to request a bailout last year from the central government.

JM

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