Spain to charge higher VAT on some products
26 June 2012 @ 18:29
According to Reuters, the Spanish government is studying the possibility of charging the higher rate of VAT on some products that currently attract the lower rates of 4% and 8%:
Spain could hike value added tax (VAT) on products and services currently benefiting from a lower rate to boost revenues and help it meet tough public deficit targets, the Finance Ministry said on Tuesday.
Spain's current rate for VAT is 18 percent, one of the lowest rates in Europe, and many products are charged at a reduced rate of 8 percent or a "super-reduced" 4 percent.
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