VAT

Spain plans a sharp cut to its value-added tax on fuel, dropping it to 10% from 21% to soften the economic fallout of the Middle East conflict, SER radio reported, citing sources familiar with the plans. Madrid also intends to suspend the excise duty on hydrocarbons, a step that would immediately trim the price of diesel and petrol by between 0.30c and 0.40c per litre, the SER report said. The government will also scrap the 5% tax on electricity consumption, according to the report. A government spokesperson declined to…