PRN: European Crisis VAT Rises Cost Consumers €500 Per Annum
European Crisis VAT Rises Cost Consumers â¬500 Per Annum
LONDON, January 23, 2012 /PRNewswire/ --
In a series of European-wide Value Added Tax (VAT) hikes, shoppers are being squeezed by tax rises as governments attempt to sustain their credit ratings. Â This will knock already depressed retail sentiment - the EU says consumer sentiment is at a two-year low. Â The annual TMF EU VAT Tracker shows the GNP-weighted average EU VAT rate has risen from 19% to 20% in the last two years, and will leap to 21% in 2012. Â This will cost EU households approximately €500 (Â£425) per annum.
Governments are taxing consumers in favour of job-creating businesses as they seek to retain or grow their share of domestic and foreign investment. Recent instances are below, details at http://www.tmf-vat.com/vat/eu-vat-rates.html:
Before these latest rises, EU consumer confidence was already at a two-year low according to a European Commission November survey.
Richard Asquith, Head of VAT, TMF Group commented:
About TMF Group
TMF EU VAT Tracker
European Union GNP weighted VAT rate
Sources: Europa, World Bank
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