Europe

Spain plans $528M in environmental taxes to meet EU goals

Spain wants to raise 500 million euros ($528 million) from new environmental taxes as part of a package of fiscal measures to meet the European Union's budget deficit goals.

The new environmental taxes are part of the revised budgetary plan Spain has submitted to the European Commission. The plan says the new taxes will target a reduction in greenhouse gases.

Spain's plan also includes previously announced tax hikes on tobacco, alcoholic beverages and a new tax on soft drinks that together it says will raise another 350 million euros ($369 million). The plan also includes measures to crack down on tax fraud, streamline government administrations and eliminate some tax breaks for businesses.