Spain's Rajoy raises VAT by 3 percentage points

Spanish Prime Minister Mariano Rajoy said on Wednesday he would raise the value-added tax by 3 percentage points to 21 percent as part of a large package of tax hikes and spending cuts aimed at trimming the public budget by 65 billion euros over the next 2-1/2 years.
With the economy in recession, unemployment high and tax income falling, Spain is struggling to meet tough deficit cutting targets that it has agreed on with the European Union.
This week the EU agreed to give Spain more time, until 2014 instead of 2013, to reach a public deficit of 3 percent, and the country's deficit goal for this year was also relaxed, to 6.3 percent of GDP. However, even that easier target is seen difficult for the country to reach.

http://www.reuters.com/article/2012/07/11/spain-economy-cuts-idUSE8E8HD00B20120711

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