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Spanish Businesses Fret1 Over VAT2 Hike SEVILLE — Spain’s standard value-added tax will jump from 18-21 percent on September 1, and the reduced rate will rise two percent, the sharpest increase in the country’s history. The hike is expected to plunge3 Spain deeper into recession - at least initially4 - and opposition5 to the measure is widespread.
Braving the economic storm, Fernando Vázquez Rojas opened three restaurants in the past four years in Seville, where clients can dine for under 20 euros per person - a bit more than $25.
Business has been especially good at the location on Torneo Street, but he has felt the pinch of decreased consumer spending, with revenues falling since April by "15-20 percent, depending on the moment,” said Rojas.
Tax on a meal in a restaurant is set to increase two percent, from 8-10 percent, on September 1. Rojas is not worried. He said, “I am lucky. I increase the prices with the taxes and the price is two percent more. Maybe 20 cents, 50 cents per person. It is not a significant increase in prices.”
But the change in the reduced VAT rate will also apply to housing, transportation, eyeglasses, tickets to museums and hotel stays, among other things. The standard VAT rate, which is added on to the price of most products and services, will rise from 18-21 percent.
Some items, like school supplies, will now fall into another category and be taxed 13 percent more. And that is certainly a significant difference for a country that once had one of the lowest tax rates in Europe.
Economist6 Javier Díaz-Giménez, of IESE Business School in Madrid, said "the highest rates are 23 percent in Greece, Portugal and Ireland, and now Spain is certainly moving above the average and getting closer to the maximum.”
Part of the austerity package announced in July by Spanish Prime Minister Mariano Rajoy, the tax increase is expected to bring about $25 billion into government coffers during the next two years - money Madrid desperately7 needs to hit tough European deficit8 targets.
Hike runs into opposition
But the measure has been met with fierce opposition.
The president of the national association of financial advisers9, Antonio Durán-Sindreu, told Spain’s public television that the tax increases will mean "death by asphyxiation10" for business, and that the government should have tried to stimulate11 consumption.
Instead, Spanish consumers will spend less, said Javier Díaz-Giménez. "I do not think anybody will win. I think some people will lose more than others. The tax burden, of any tax, is not borne equally by everybody."
Díaz-Giménez said higher taxes affect the poor disproportionately, and the tax burden increases by age.
Cutting corners
Pensioner12 Manuel Chaparro said he will cut back where he can, by eating out and driving less often.
And that is bad news for businesses.
Spain's tourism industry foresees losses of about $2.5 million annually13, affecting tens of thousands of jobs.
Many retailers15, like the clothing chain Mango, have announced they will lower prices and absorb the cost of the higher tax to avoid losing sales.
点击收听单词发音
1 fret | |
v.(使)烦恼;(使)焦急;(使)腐蚀,(使)磨损 | |
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2 vat | |
n.(=value added tax)增值税,大桶 | |
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3 plunge | |
v.跳入,(使)投入,(使)陷入;猛冲 | |
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4 initially | |
adv.最初,开始 | |
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5 opposition | |
n.反对,敌对 | |
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6 economist | |
n.经济学家,经济专家,节俭的人 | |
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7 desperately | |
adv.极度渴望地,绝望地,孤注一掷地 | |
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8 deficit | |
n.亏空,亏损;赤字,逆差 | |
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9 advisers | |
顾问,劝告者( adviser的名词复数 ); (指导大学新生学科问题等的)指导教授 | |
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10 asphyxiation | |
n. 窒息 | |
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11 stimulate | |
vt.刺激,使兴奋;激励,使…振奋 | |
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12 pensioner | |
n.领养老金的人 | |
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13 annually | |
adv.一年一次,每年 | |
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14 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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15 retailers | |
零售商,零售店( retailer的名词复数 ) | |
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16 lasting | |
adj.永久的,永恒的;vbl.持续,维持 | |
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17 optimist | |
n.乐观的人,乐观主义者 | |
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