MADRID – Hard times for Spain’s auto industry will continue when the government raises the value-added tax from 18% to 21% in September. Pressure from the European Commission to slash the public debt has prompted the increase, which will add an average €650 ($783) to the price of a new car. Sources from ANFAC, the association of auto makers with plants in Spain, say the higher VAT will reduce sales between 16,000 and 20,000 units this year, to about 725,000. That is ...
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