Government To Maintain 4% Tax Rate On Medicines

With the aim of increasing government revenues (to cover the growth in public sector spending as a recession grips Spain) and decrease its budget deficit (forecast to equal to 8.1% of GDP in 2010), the Spanish government has approved a 2010 budget that includes increases in taxes. The European Commission has given Spain until 2012 to bring its deficit within 3% of GDP, the limit for users of the euro currency. To help counter the shortfall, Spain's government has said that in July 2010 it will increase the standard VAT rate from 16% to 18%, and the special VAT rate,

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