Spain increase VAT rate in 2013

Spain’s Minister of  Economy Luis de Guindos has announced that the VAT rate in Spain will be increased in 2013 to help the country fulfil its deficit commitments. The increase in VAT, along with other proposed changes and cut-backs should generate up to € 8 billion and should help much needed growth in the Spanish economy.

Exact details of what the increases will be are yet unknown. Current VAT rates for Spain are:  18% en the lower rate 8%.

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