April 10, 2021

Galicia, Madrid and the Basque Country, the communities with the least underground economy


MADRID

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The Minister of Finance and Public Function of the Community of Madrid, Javier Fernández-Lasquetty, presented a report this morning in which the region classifies as the ssecond with the lowest black economy in Spain, with 16.2% of GDP, only below Galicia, with 13.9%. They are followed as regions with the least underground economy, Basque Country, with 17% – in their case the data are from 2016 and come from the study prepared by Ignacio Zubiri, Javier Fernández-Macho and Carmen Gallastegui -, Navarra, with 18%, and Cantabria , with 20.6%, all of them below the national average of 23.1%.

Those communities with the highest unemployment are those with the highest irregular activity. According to the study, Extremadura (with 29.1% of GDP) was the leading region in 2014, according to a report by Jordi Sardá Pons and Ignacio Mauleón Torres, followed by Andalusia (27.3%), Castilla la Mancha (27.2%), Canary Islands (26.1%) and Valencian Community (24.8%).

Four of the five communities with the highest undeclared activity were the regions with the highest unemployment in 2014, with 34.2% Andalusia, 31% Canary Islands, 30% Estremadura and 28.5% Castilla la Mancha. The communities with the lowest unemployment that year were Navarra (14.9%), the Basque Country (17.2%), and Madrid (18%).

Lower taxes

“Lower taxes discourage tax fraud. The regions that are more fiscally competitive, such as Madrid and the Basque Country, have less underground economy ”, defended the Minister of Finance and Public Function of the Community of Madrid, Javier Fernández-Lasquetty, in the presentation of the study.

Lasquetty has also confirmed the intention of the regional government to lower the regional Personal Income Tax (IRPF) by half a point during the legislature, something that they will do with “absolute security.”

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