VAT set to rise in July
The countdown to the rise of VAT has started. It is due for July and businesses are increasingly worried that this will force them to pay the tax, leading to less profit and loss of jobs, so that rising prices won’t scare customers away.
The European Commission, which had predicted that Spain will start to see its way out of the crisis in the second trimester, fears that this will be made impossible by the rise in VAT, leaving Spain as the last major player in the EU to remain in this situation.
The government, however, says it will go ahead to reduce Public Deficit, by some 5,000 million euros within just one year. However, experts believe they have made a mistake and that this can only make the recession worse.
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