Bloomberg News

Spain VAT Hike to Further Depress Car Sales, Association Says

July 11, 2012

An increase in Spanish value-added tax announced today will further depress car sales as dealers are unlikely to be able to afford an extra cost estimated at an average 650 euros ($798) per car, vendors group GANVAM said in an e-mailed statement.

“The raise will be an obstacle impossible to overcome for many dealers that are already in the red,” the Asociacion Nacional de Vendedores de Vehiculos a Motor said in the statement.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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