.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.
