"Spain is set to present emergency tax cuts, including lowering VAT on fuels to 10% from 21%, to counter the economic impact of the Iran war."
"The change to the hydrocarbon levy alone is likely to lead to an immediate reduction in the price of diesel and petrol between 0.30 and 0.40 euros."
"Prime Minister Pedro Sanchez has been a leading European voice critical of US and Israeli strikes in Iran, warning of their likely economic impact on Europe."
"European Commission president Ursula von der Leyen signaled intent to change electricity taxation and proposed flexibility on state aid to help with growing energy costs."
Spain plans to introduce emergency tax cuts, including reducing VAT on fuels from 21% to 10%. Changes to hydrocarbon and electricity duties aim to alleviate rising energy prices. The hydrocarbon levy adjustment could lower diesel and petrol prices by 0.30 to 0.40 euros. Prime Minister Pedro Sanchez has criticized US and Israeli actions in Iran, warning of economic repercussions for Europe. The European Commission president indicated potential changes in electricity taxation and state aid flexibility to address energy costs.
Read at www.theguardian.com
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