Currency crisis forces tax rise
Spain has become the latest European country to raise its standard Value Added Tax rate in the face of the worsen financial and Euro-currency crises. The rate will rise from 18% to 21% from 1 September 2012.
Spain already had to raise its main VAT rate in July 2010 from 16% to 18% following the original financial crisis.
There will be a rise from 8% to 10% of the reduced VAT rate. But the 4% rate will remain unchanged.
Most EU member states have been forced into austerity VAT rate changes include: UK, Finland, Romania,Poland, Ireland, the Netherlands, Hungary, France Greece, Czech Republic.
