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The study provides an empirical analysis of tax impact on selected macroeconomic aggregates in Spain from 1996 to 2016. The objective of this research is to determine how tax forms effect on macroeconomic framework of Spanish economy. The analysis includes the impact of direct taxes such as personal income tax, corporate income tax and tax on property as well as social contributions. On the other hand, gross domestic product per capita, unemployment, inflation, investment and government expenditures are selected as the main macroeconomic determinants and present dependent variables in defined models. Results of defined model show that tax revenue growth, personal income tax, tax on property and social security contributions significantly affects the gross domestic product per capita. Further, personal income tax and corporate income tax have a significant impact on unemployment, investment and government expenditures. Findings show that the intensity of personal income tax' effect is higher on investment and government expenditures compared to corporate income tax. In addition, present tax structure does not have a significant effect on inflation, which can be explained by fact that indirect taxes are more related to inflation than direct taxes.
Mirović et al. (Mon,) studied this question.