MADRID, June 29 (Xinhua) -- Spain's Council of Ministers on Monday approved a 1.8-billion-euro (2.1-billion-U.S.-dollar) package, extending tax relief and financial support for households and businesses to cushion the economic impact of the Middle East crisis.
The measures, adopted under the government's Comprehensive Response Plan, include a gradual reduction in fuel tax relief from July to September, while maintaining fuel discounts for transport operators, farmers and fishermen through the end of September. The package also expands fertilizer subsidies and grants Spain's competition watchdog greater powers to monitor fuel prices and market practices.
The decree-law also provides for the phased elimination of the electricity production tax, with the rate set at 5 percent this year, 3.5 percent in 2027 and zero in 2028. It maintains protections for vulnerable households and workers while introducing additional measures to accelerate renewable energy deployment and strengthen Spain's energy security. ■