.png)
.png)
Consumers are easy pickings for cash-strapped governments, warns RICHARD ASQUITH
It is not only the UK that has increased its national VAT rate as the table Changes in EU VAT rates shows.
In a series of European-wide VAT increases consumers are being squeezed by tax rises as governments attempt to sustain their credit ratings.
The annual TMF EU VAT tracker shows that the gross national product-weighted average EU VAT rate has risen from 19% to 20% in the past two years and will increase to 21% in 2012.
This is likely to cost EU households approximately £425 a year.
Countries which have most recently increased their VAT rate include:
- France which had its credit agency rating cut in January based on failing government revenues has just announced a VAT rise of 1.6% to 21.2%.
- Italy Ireland Cyprus in December 2011 each tabled VAT increases...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
