ECONOMICS COMMENTARY
Jan 04, 2013
Activity at Hotels & Restaurants in Spain falls sharply after VAT rise
In September 2012, Spain raised both its headline rate of VAT and the reduced rate eligible on certain items to help cut the budget deficit. Importantly, reclassifications also took place meaning that some goods and services were moved from the reduced rate to the general rate. A number of the areas reclassified were part of the Hotels & Restaurants sector, and the early signs are that the rise has had a strong negative impact on already weak demand in this part of the economy.
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