Your English writing platform
Free sign upExact(5)
But much of that inflation is temporary, the consequence of higher oil prices and increases in value-added taxes that formed part of many countries' austerity plans.
Iceland is trying to reduce its fiscal deficit, which in 2008 reached 13.6% of GDP, via increases in value-added tax, income tax, and petrol and alcohol duties.
The country's inflation rate, at 5%, is still well above Germany's, although part of that differential is due to increases in value-added tax.
German prices still rose more slowly in July than prices in Spain, Greece and Portugal, where increases in value-added taxes, intended to help reduce government budget deficits, led to higher prices.
Although income-tax rates have been trimmed in many countries over the past decade, this has often been offset by increases in value-added tax (VAT) and social-security levies.
Similar(55)
On June 16th the country's parliament approved a big increase in value-added tax, to take effect in 2007.
Both consumers and retailers seem more confident, and now January's increase in value-added tax is behind them.
Previous price rises, caused by weaker sterling and an increase in value-added tax, continue to chill consumption.
The adverse effects would mostly result from higher taxes paid by lower- income people coupled with a planned increased in value-added taxes.
In 2007 shoppers were sideswiped by a sharp increase in value-added tax and by jumps in food and energy prices.
The latest austerity measures include an increase in value-added sales tax, an increase on taxes for fuel, alcohol, cigarette and alcohol and a cut in supplements to wages for civil servants.
Write better and faster with AI suggestions while staying true to your unique style.
Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.
Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com