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Portugal raises VAT to 23% January 2011

Portugal has announced a rise in its standard VAT rate from 21% to 23% from 1 January 2011. The follows the worsening Euro financial crisis, and threat to a number of countries’ deficits. Other countries, including Ireland, Romania, Italy, Spain and Greece have also been forced into VAT raises.

The reduced rates will remain at 6% and 13%.

This increase is part of a range of measure introduced to underpin collapsing government revenues following the recent European economic crisis, and financial markets concerns around Portugal’s ability to meet its debt repayments.

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