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Spain To Increase VAT Rate, Other Taxes In 2013
yahoo.com 1 month agoMADRID (Reuters) - Spain will increase its Value Added Tax (VAT) rate in 2013 as well as other indirect taxes in order to raise about 8 billion euros, Economy Minister Luis de Guindos said on Friday. "Not only it will be the VAT, there are other possibilities, special taxes. At the same time, we're looking into the possibility of reducing other charges," De Guindos said at a press conference after the weekly cabinet meeting. (Reporting by Julien Toyer; Editing by Fiona Ortiz)
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Spanish Economy In "Huge Crisis" After Credit Downgrade
yahoo.com 1 month agoMADRID (Reuters) - Spain's sickly economy faces a "crisis of huge proportions", a minister said on Friday, as unemployment hit its highest level in almost two decades and Standard and Poor's downgraded the government's debt by two notches. Unemployment shot up to 24 percent in the first quarter, one of the worst jobless figures in the developed world. Retail sales slumped for the twenty-first consecutive month as a recession cuts into consumer spending. "The figures are terrible for everyone and terrible fo
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