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Spain to implement new VAT rate in August: source
MADRID (Reuters) - Spain will implement a 3 percentage-point hike to the value-added tax rate on August 1, a government source said on Wednesday.
The main rate of value-added tax on goods and services will rise to 21 percent from 18 percent.
Prime Minister Mariano Rajoy announced in parliament a raft of new taxes and spending cuts designed to slash 65 billion euros from the budget deficit by 2014 as recession-plagued Spain struggles to meet tough targets agreed with Europe.
(Reporting by Fiona Ortiz; Editing by Tracy Rucinski)
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