Spanish Business News

There's been a lot of talk recently in the Spanish media that IVA (the Spanish equivalent to VAT) may be increased in the near future.  IVA had already been increased in July 2010 from 16% to 18%, and from 7% to 8% for the lower IVA rate.

It was the Bank of Spain that proposed this increase.  However, the Spanish government rejected the proposal yesterday, so it looks like there will be no rise in the IVA rate, al least for now...