SPAIN EYES TAX HIKE FOR HOLIDAY RENTALS IN BID TO LOWER RENTS

Spain plans to raise taxes on holiday rentals so that they pay "like a business", Prime Minister Pedro Sanchez said on Monday, as residents of the country's main cities grappled with soaring rents.

"It isn't fair that those who have three, four or five apartments as short-term rentals pay less tax than hotels or workers," Sanchez said at an event on affordable housing. The measure would be based on a new European Union directive on value-added tax for digital platforms, he said. Spanish hotels now pay a reduced 10% VAT rate, which is included in the bill.

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