High-voltage power lines and an electricity pylon next to a group of wind turbines are pictured in Barranco de Tirajana, in the island of Gran Canaria, Spain, May 11, 2022. REUTERSPIX: Spain will cut the value-added tax on electricity by half to shield consumers from soaring inflation fuelled by Russia's invasion of Ukraine, Prime Minister Pedro Sanchez said Wednesday.
Sanchez told parliament the VAT reduction, from 10 percent to five percent, would be approved at an extraordinary cabinet meeting on Saturday “to continue to protect citizens from the effects of the war.” The latest tax cut will be part of a package of measures which will be adopted on Saturday to help consumers deal with rising inflation, which hit 8.7 percent in May, its highest level in decades.It adopted a first multi-billion euro emergency package to cushion businesses and consumers from soaring energy prices in March.
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