PRN: European Crisis VAT Rises Cost Consumers €500 Per Annum

23/gen/2012 09.02.48 PR Newswire Turismo Contatta l'autore

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European Crisis VAT Rises Cost Consumers €500 Per Annum

 
[23-January-2012]
 

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.  This will knock already depressed retail sentiment - the EU says consumer sentiment is at a two-year low.  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.  This will cost EU households approximately €500 (£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:

  • France and Austria have this month indicated that they will rise their VAT rates in 2012 following this month's credit rating downgrades
  • Italy, Ireland, Cyprus in December 2011 each tabled VAT increases of 2% for 2012
  • The UK, Greece, Portugal, Spain, Finland, Hungary, Poland, Romania, Switzerland, Slovakia and Czech Republic have been forced to raise their VAT rates in the two years (see table below for details)

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:
"France's decision this week to consider an emergency VAT rise is an attempt to match Germany's successful 3% VAT hike in 2007 which funded a cut in employment taxes.  European countries are desperate to prove their debt-cutting credentials in a bid to calm the nerves of the financial markets.  Taxes on shoppers -VAT - are a fast, low cost way to show their sovereign creditors that they are serious about tackling domestic resistance to austerity measures." http://www.tmf-vat.com

About TMF Group
TMF Group helps global companies expand and invest seamlessly across international borders.  TMF Group works with over 50% of Fortune 500 and FTSE 250 businesses, and thousands of private companies. http://www.tmf-group.com

TMF EU VAT Tracker

European Union GNP weighted VAT rate

2009 19.1%
2010 19.1%
2011 20.1%
2012 21.0% Forecast


Sources: Europa, World Bank

richard.asquith@tmf-group.com, mobile: +44(0)79-777-23645, tel: +44(0)207-832-4900


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