Intergenerational Equity Mechanism (IEM)

Law 21/2021, published on 28 December 2021, amends the public pension system and introduces the intergenerational equity mechanism, a tax aimed at distributing the cost of pensions among the different generations of workers, by 2023.

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The new VAT rate on necessities

As of 1 January 2023, a newly Value Added Tax regulation, popularly known by its acronym: VAT, will come into force for certain food products, most of which are necessities.

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