- Spain will gradually increase the value-added tax (VAT) on energy bills from 5% to 21% over the next six months.
- The VAT rate was lowered to 5% last year to alleviate the impact of inflation.
- Prime Minister Pedro Sanchez announced the decision.
- Energy companies will be allowed to deduct investments in decarbonisation projects from a windfall tax on their profits.
Source: zawya.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
