Stories that are tagged 'value added tax (VAT)'

	EP Demands Accurate Information On Tax Evasion 5/16/2012 The European Parliament has recently passed a resolution calling for accurate information on customs duty and value-added tax evasion in member states, to protect the European Union’s financial interests and to prevent misuse of its funds.
	Vietnam's SMEs Get VAT Boost 5/16/2012 Vietnam’s Ministry of Finance has announced an extension to value added tax payment deadlines, so as to provide financial assistance, in particular, to small and medium-sized enterprises.
	St Lucia Eyes Income Tax Cuts, After VAT Implementation 5/16/2012 The government of Saint Lucia has outlined new tax measures in its latest Budget to shift the tax burden from direct to indirect taxes.
	China Plugs Its Tax Help For SMEs 5/14/2012 China’s Minister of Finance Xie Xuren, at a seminar, has emphasized the support that should be given by pro-active fiscal policies to the development of small and medium-sized enterprises in the country.
	Luxembourg May Extend Budget Measures 5/10/2012 During a recent address on the state of the nation, Luxembourg’s Prime Minister Jean-Claude Juncker presented the government’s declaration on the current economic, social, and financial situation in Luxembourg, indicating crucially that the fiscal initiatives taken on April 27 to consolidate the public finances will have to be extended beyond 2014.
	Spain 'Confident' 2012 Budget Plans Will Spark Growth 5/10/2012 Spain’s Secretary of State responsible for Budget and Expenditure Marta Fernandez Curraz has recently defended the country’s budgets for 2012, insisting that they are based on discipline and fiscal consolidation, to enable the government to confidently overcome the crisis.
	France Begins Examination Of Hollande's Election Tax Package 5/8/2012 Following the upcoming legislative elections in June, French lawmakers are to convene during an extraordinary session in July to examine a bill containing the fiscal pledges outlined by President-elect François Hollande during his election campaign, expected to increase the fiscal burden on households in France to the tune of around EUR14bn (USD18.26bn).
	Hollande, Sarkozy Go Head-To-Head On Tax 5/7/2012 During a long, bitter televised debate, aimed at attracting wavering voters ahead of Sarkozy's defeat on May 6, and punctuated by attack and counter attack, outgoing French President Nicolas Sarkozy and new Socialist President François Hollande went head-to-head on key election battleground issues including taxation in France and the crisis in Europe.
	HMRC Increases Use Of Asset Seizure Powers 5/7/2012 The UK tax authority, HM Revenue and Customs is increasingly using its powers to seize businesses assets in order to recover unpaid value-added tax bills, new statistics show.
	Spanish U-Turn Sees VAT Rise In 2013 5/4/2012 Marking a dramatic about-turn, the Spanish government has confirmed plans to introduce a ‘notable’ rise in value-added tax and to increase special taxes imposed on alcohol and tobacco next year.
	Italy Hopes To Avoid Future VAT Increase 5/3/2012 In recognition of the need to reduce public expenditure as much as possible so as to contain taxpayer burdens, the Italian government has announced the framework of a spending review to be undertaken in the next month.
	Further Attacks Launched On Italian Tax Evaders 5/1/2012 Following an announcement by the Italian financial police, Guardia di Finanza, that it has already uncovered substantial amounts of undeclared income in the first four months of 2012, the Italian Revenue Agency launched countrywide anti-evasion checks during the May Day holidays.
	Dutch Lawmakers Unite On Austerity Budget 5/1/2012 Despite the recent collapse of Mark Rutte's minority coalition government and ensuing panic on the already anxious markets, the Dutch parliament has finally adopted the country’s budget package, designed to reduce the budget deficit to 3% of gross domestic product in 2013, and providing for savings of around EUR12bn (USD15.9bn) next year.
	Low Tax Receipts Hike UK Borrowing Figures 4/27/2012 Weak tax receipts helped push up UK public sector borrowing in March, with large corporate tax repayments and no increase in value-added-tax receipts among the factors to blame.
	Greek Conservatives Pledge Sweeping Tax Cuts 4/27/2012 Unveiling details of his economic programme in Athens recently, ahead of the May 6 elections, Greece’s New Democracy conservative leader Antonis Samaras pledged to reduce taxes and to increase spending on low pensions, while at the same time ensuring that the ambitious deficit reduction targets agreed with international moneylenders are met.
	China Confirms Slowdown In Tax Revenue Growth 4/26/2012 The Ministry of Finance has announced final figures showing that China's tax revenues increased substantially by 10.3% in the first quarter of 2012, much less than the increase of 32.4% experienced in the first quarter of last year, and the slowest growth rate in three years.
	Dutch Opposition Shuns Austerity Path 4/27/2012 During an emergency debate in parliament, following the shock resignation of Mark Rutte’s minority coalition, leader of the Dutch Social Democrat opposition party Diederik Samson underlined the need to move away from the controversial austerity course.
	Netherlands Intensifies Efforts To Combat VAT Fraud 4/24/2012 Dutch State Secretary for Finance Frans Weekers has recently unveiled details of plans to give a new boost to the international fight against value-added tax fraud.
	Germany Sees Record Q1 Tax Revenues 4/25/2012 German tax revenues reportedly soared to record heights in the first quarter of this year, despite a sluggish economy over the winter months.
	Russia To Guarantee Low Taxes On Arctic Oil Projects 4/24/2012 Russia has reacted to industry lobbying with the announcement of a 'globally competitive' tax regime to facilitate the extraction of substantial oil reserves lying offshore in the Arctic Circle as Russia's onshore deposits decline.
	Dutch PM Seeks Opposition Agreement On Budget Cuts 4/24/2012 Determined to retain the country’s much-coveted triple A rating, Dutch Prime Minister Mark Rutte is now seeking to swiftly conclude a budget deal with the opposition, following the recent collapse of talks with right-wing ally the Freedom Party.
	Spain Defends 2012 Austerity Measures 4/23/2012 During a recent address to congress to present and explain the government’s 2012 budget, Spain’s Secretary of State for Finance Miguel Ferre underscored that the tax measures provided for in the budget plans will enable the country to achieve its fiscal consolidation targets.
	UK Government In Hot Water Over 'Pasty Tax' 4/20/2012 The UK government is again on the back foot over its proposed changes to value-added tax rules as the UK's bakers prepare to descend on Downing Street in protest against the so-called 'pasty tax', highlighting the often arbitrary and confusing nature of the classification of certain goods for VAT purposes.
	Monti Produces Future Italian Fiscal Framework 4/18/2012 The government has agreed the draft of a law, to be subsequently approved by parliament, which would provide the framework for tax reform in Italy, but which, in fact, is more notable for what is does not, rather than for what it does, contain.
	China's Tax Revenue Growth Slows 4/17/2012 The Ministry of Finance has announced that China's national fiscal revenue increased substantially by 14.7% in the first quarter of 2012, marginally higher than the 13.1% rise seen in the first two months of this year, but much less than the increase of 33.1% experienced in the first quarter of 2011.
	Sarkozy Outlines Ambitious Campaign Tax Plans 4/13/2012 France’s outgoing President Nicolas Sarkozy has recently unveiled details of his election proposals aimed at creating ‘a strong France’, and containing a raft of tax measures, intended to attract voters.
	Czech Cabinet Unites On Austerity Package 4/13/2012 Following months of internal conflict, the Czech cabinet has finally adopted the comprehensive savings programme agreed by the coalition parties, containing a raft of savings measures and planned tax rises aimed at consolidating the country’s finances.
	Guernsey Accepts Low Value Consignment Relief Ruling 4/9/2012 Guernsey's Policy Council has confirmed that it is not in Guernsey's best interests to appeal the decision of the High Court in London, which ruled that the United Kingdom's decision to revoke a generous value-added tax relief solely for the Channel Islands was consistent with European Union law.
	Irish Tax Revenue On The Up 4/6/2012 Irish tax revenues were 10.2% ahead of target in March, an improvement caused by later than expected corporate tax collections and the technical reclassification of some income tax receipts.
	Channel Islands Will Not Appeal UK VAT Ruling 4/6/2012 The Jersey government has decided not appeal the decision of the High Court in London, which ruled that the United Kingdom government's decision to revoke Low-Value Consignment Relief (LVCR), a value-added tax concession, for the Channel Islands was consistent with European Union law.
	Philippines Targets Over USD930m From 100 Tax Cases 4/4/2012 At a press briefing at the Department of Justice, the Philippines’ Bureau of Internal Revenue confirmed that it has now filed a total of 100 cases under its Run After Tax Evaders scheme since the start of President Benigno Aquino’s government.
	St Lucia Confirms Upcoming VAT Regime 4/3/2012 The government of the Caribbean territory of Saint Lucia has confirmed that a value-added tax regime will be introduced from September 1, 2012.
	Gordhan Reviews South African Tax Season 4/3/2012 South Africa’s Minister of Finance, Pravin Gordhan, has disclosed the preliminary tax collection results of the South African Revenue Service for the 2011/12 fiscal year, and introduced its new five-year Compliance Programme.
	Spain Unveils Tough Austerity Budget 4/3/2012 The Spanish government of Mariano Rajoy has recently unveiled details of Spain’s 2012 austerity budget, the toughest in recent history, providing for savings totalling around EUR27.3bn (USD36bn), and including the EUR15bn in tax rises and expenditure cuts announced back in December.
	Italy's Compliance Drive Paying Off 4/2/2012 An Italian Revenue Agency statement has illustrated the much improved results it achieved last year from its two-prong strategy of targeted tax compliance measures and more-efficient services for taxpayers.
	ECJ Agrees Italian Tax Dispute Time Limitation 4/2/2012 The European Court of Justice has given its preliminary ruling that the conclusion without further examination of tax proceedings pending before the Italian Corte Suprema di Cassazione and Commissione Tributaria Centrale, which were brought more than 10 years ago, is compatible with European Union law.
	Slovakia's Fico Eyes End To Popular Flat Tax 3/30/2012 Tasked by Slovak President Ivan Gasparovic with the role of forming a new government, Slovakia’s recent election victor Robert Fico has announced plans to abolish the country’s flat tax and to reintroduce a progressive system of taxation.
	Retailer Departs Guernsey Over VAT Relief Blow 3/29/2012 British high street store retailer HMV has announced that it will close its warehousing and distribution operations based in Guernsey following the confirmation from the UK government that it will remove Low-Value Consignment Relief for packages imported from the Channel Islands from April 1.
	HMRC Readies Businesses For Online VAT Returns 3/27/2012 HM Revenue and Customs has warned of big changes ahead, as it prepares businesses for the e-payment of value-added tax returns.
	Luxembourg Urged To Modify Fiscal Policy 3/23/2012 The Luxembourg government has recently published a report on the macroeconomic forecast and the development of public spending for 2011-2015, which states that without a change of fiscal policy, the country will not be able to achieve a balanced budget in 2014, and warns that the public deficit might even exceed 3% of gross domestic product in 2013.
	UK Budget Delivers Tax Cuts 3/23/2012 George Osborne has delivered a Budget that ‘unashamedly backs business’, slashing the top rate of personal income tax and accelerating corporate tax cuts.
	Channel Islands Fail To Overturn UK VAT Decision 3/21/2012 The governments of the Channel Islands have announced their 'disappointment' at the findings of the UK High Court, in response to the islands' joint challenge to the United Kingdom government's decision to remove long-standing value-added tax concessions crucial to the islands' fulfilment industries.
	Moroccan Lawmakers Examine 2012 Finance Law 3/19/2012 The Moroccan finance ministry has announced that the country’s 2012 finance bill, providing for a number of key fiscal measures, has recently been submitted to the two chambers of parliament for examination in plenary session.
	Philippines Will Not Cancel VAT On Oil 3/19/2012 Despite political and transport industry pressure following further increases to the domestic price of oil products, the Philippines government has insisted that the 12% rate of value-added tax on oil products will remain.
	Thailand Shelves VAT Hike 3/16/2012 Thailand’s Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has said that the government has no intention of increasing the country’s value added tax rate.
	Families To Lose Most From UK Tax Changes 3/15/2012 Households with children are set to lose the most from the UK's forthcoming tax and benefit changes, the Institute for Fiscal Studies has said.
	Germany Defends VAT Rules For Art 3/14/2012 Germany’s State Minister for Culture Bernd Neumann has recently underlined his grave concerns regarding the European Commission’s request that Germany apply the full rate of value-added tax to the supply of works of art and collectors’ items.
	High Court Hears Channel Islands' LVCR Challenge 3/13/2012 A two-day hearing at the High Court in London began on March 13, 2012, to hear the arguments of lawyers representing the Channel Islands in their challenge to the scheduled removal of the United Kingdom's Low-Value Consignment Relief for the islands' fulfilment industries from April 1, 2012.
	German Hotel Industry Defends Reduced VAT 3/8/2012 The German hotel industry has recently vehemently defended the reduced 7% rate of value-added tax accorded to overnight services in the sector.
	Irish Tax Revenues Ahead Of Target 3/8/2012 Irish tax revenues rose considerably in January and February, largely due to delayed corporation tax receipts and the technical reclassification of some income tax revenue.
	UK Panel Recommends Small Business Tax Reforms 3/8/2012 Practical changes to the UK's tax system will help ease the burdens imposed on small businesses, the Office of Tax Simplification has said.
	Cypriot VAT Hike Takes Effect 3/5/2012 An increase to Cyprus's value-added tax rate came into effect on March 1, 2012, as part of a package adopted in December to speed progress towards European Union fiscal retrenchment targets.
	VAT Hike Hits Ireland's Retail Sales 3/5/2012 Irish retail sales fell by 3.7% in the wake of January's value-added-tax hike, prompting small business leaders to call on the government to re-think its strategy.
	China To Expand VAT Pilot To Beijing 3/5/2012 Following the beginning of China’s pilot scheme to replace the existing business tax on the country’s service sector with value-added tax in Shanghai on January 1 this year, it has been confirmed that it will be extended to Beijing, commencing on July 1.
	Germany Upbraided Over Art Tax Break 3/5/2012 The European Commission has officially asked Germany to change its value-added tax rules as regards the application of a reduced rate to the supply of works of art and collectors' items.
	French Lawmakers Pass 2012 Collective Budget 3/2/2012 The French National Assembly has definitively adopted during a new reading the government’s 2012 supplementary finance bill, a text which had previously been rejected by the Senate, and providing notably for a rise in the standard rate of value-added tax and for the introduction of a financial transactions tax in France.
	US Study Attacks Chinese 'Innovation Mercantilism' 3/2/2012 A paper issued by the Information Technology and Innovation Foundation in Washington, DC, entitled ‘Enough is Enough: Confronting Chinese Innovation Mercantilism’, attacks the seeking by China of not merely competitive advantage, but absolute advantage in a wide range of industries, especially advanced technology products and services.
	Philippines Issues New VAT Rules 3/1/2012 The Philippines Bureau of Internal Revenue has recently issued revenue regulations which affect the payment of value-added tax on the import of oil products and the sale or leasing of property.
	India Prepares For 'Paradigm Shift' With GST 2/29/2012 The implementation of a Goods and Services Tax in India will bring about a 'paradigm shift' in the area of indirect taxation in the country, Finance Minister Pranab Mukherjee has said.
	Fiji's Tax Cuts Under IMF Microscope 2/28/2012 The International Monetary Fund warned that while Fiji's recent budget was particularly growth-friendly, the tax changes could threaten the revenue base and therefore further offsetting measures may be required to ensure deficit targets are met going forward.
	UK Tax Revenues Below Expectations 2/28/2012 Growth in the UK's tax revenues was significantly lower than forecast, largely due to a fall in value added tax and weak self-assessment receipts.
	French Senate Rejects 2012 Finance Bill 2/27/2012 The French Senate has recently rejected the country’s 2012 supplementary finance bill, a text adopted by the French National Assembly during its first reading on February 21.
	China To Reinstate Export Tax Rebates 2/24/2012 Zhong Shan, Deputy Commerce Minister, at the recent 2012 China Imports and Exports Work Conference held in Nanchang, disclosed that China will use export value-added tax rebates to counteract any decrease in exports arising out of the European debt crisis.
	French Unions Up The Ante On Internet Tax 2/23/2012 The French union of national daily newspapers has called for a tax to be imposed on stakeholders in the digital economy, notably Internet service providers, search engines, portals, and manufacturers, and for the product of the tax to be redistributed among editors of the written press.
	Belgium Tax Man Targets Internet Sales Sites 2/22/2012 The Belgian tax authorities have recently announced that they are now closely monitoring Internet sales websites, including eBay, in a bid to clamp down on Internet traders failing to meet their tax obligations.
	Paying Taxes Survey Unveiled By PwC 2/20/2012 60% of world economies have made paying taxes easier over the past seven years, a new study has shown, with total tax rates falling by an average of 8.5%.
	China To Pursue Tax Reforms 2/20/2012 According to a statement by China’s State Council, after a meeting chaired by Premier Wen Jiabao, the government promised to push forward its structural reform programmes, including tax measures, to improve the country’s economic development and improve people’s living standards.
	VAT Risk Warning Issued By Accountants 2/20/2012 A new approach from HM Revenue and Customs raises value added tax risks for employee benefits, accountancy firm James Cowper has warned.
	Ireland Unveils New Tax Incentives 2/17/2012 Tax reform features heavily in Ireland's new Action Plan for Jobs, a package designed to boost job creation and establish Ireland as the best small country in which to do business.
	Ireland Releases Tax Profile Data 2/15/2012 The Irish Finance Department has published profiles of expected Exchequer tax revenues for 2012 which show figures consistent with Budget forecasts.
	China's Tax Revenues Rise 22.6% in 2011 2/16/2012 Recently-released final figures from China’s Ministry of Finance show that, in 2011, its tax revenue reached a total of RMB8.97 trillion, an increase of more than RMB1.65 trillion or 22.6% over the previous year.
	UK Offers Online Seminars To Taxpayers 2/14/2012 The UK tax authority HM Revenue and Customs has launched a 'webinar' programme, offering online tax help to businesses and the self-employed.
	Croatia Eyes March VAT Rise 2/13/2012 During a recent sitting in Zagreb, the Croatian government united on plans to increase the standard rate of value-added tax from 23% currently to 25% from March 1, while at the same time adopting other fiscal measures designed to redress the public finances.
	Hungary's PM Defends Controversial Fiscal Strategy 2/13/2012 Hungary’s Prime Minister Viktor Orban has recently defended the central aspects of his government’s fiscal policy, in particular the special tax imposed on international retail chains, on telecommunications operators, on insurance companies and on banks.
	France Adopts FTT In Supplementary Finance Bill 2/14/2012 Within the framework of a supplementary finance bill, the French council of ministers has recently adopted the government’s plans for a rise in the standard rate of value-added tax and for a tax on financial transactions; measures intended to enter into force in France later this year.
	Rising Income Boosts South Korean Tax Revenues 2/13/2012 The South Korean government’s tax revenue totalled almost KRW200 trillion (USD178bn) in 2011, fuelled by the country’s continued economic growth and consequent increased corporate and individual earnings.
	Ireland Publishes 2012 Finance Bill 2/13/2012 The Irish Finance Bill 2012, introduced on February 8, 2012, proposes extensive changes to the nation's tax regime, including a hike in the headline value-added tax rate to 23%, and targeted tax amendments to improve the competitiveness of the country's financial services industry.
	IMF Welcomes Croatia's Fiscal Plan 2/8/2012 The Croatian government's proposed fiscal plan, to reduce the nation's deficit solely by retrenchment whilst implementing tax reform to encourage job creation and reduce labour costs, has been welcomed by the International Monetary Fund in its latest Article IV consultation with the country.
	Irish Tax Revenues On The Up 2/7/2012 Irish tax revenues were up 17% last month, with January's receipts representing just over 10% of the annual Budget 2012 target.
	Belgium Urged To Cut Labour Taxes 2/3/2012 The International Monetary Fund has welcomed spending cuts implemented by Belgium to bring the nation's deficit to below 3% of Gross Domestic Product by 2012, but has urged authorities to undertake comprehensive tax reform to boost employment and growth prospects.
	Tax Stymies Indian Aviation Sector 2/2/2012 Changes to India's tax policy on the aviation sector are paramount to securing the massive investment required to establish India as one of the top five civil aviation markets in the world, which is the government's goal.
	Taxes Killing The British Pub 1/30/2012 Falling UK pub beer sales demonstrate the pressing need for a change in government beer tax policy, according to the British Beer and Pub Association.
	Sarkozy Unveils Long-Awaited Fiscal Strategy 1/31/2012 With the presidential elections fast approaching, French President Nicolas Sarkozy has recently unveiled details of a last salvo of reform measures, designed to boost employment and reduce the deficit, including plans to increase by 1.6% in October the standard rate of value-added tax in France, and proposals for a financial transactions tax.
	Sarkozy Readies Fiscal Strategy 1/26/2012 Hoping to avoid an electoral defeat in the forthcoming presidential elections, French President Nicolas Sarkozy intends to unveil concrete details of proposed fiscal measures designed to stimulate the country’s economy on January 29.
	France Eyes Tougher Tax Evasion Sanctions 1/25/2012 Determined to bring about a change in behaviour among individuals in France, the French finance ministry reportedly aims to toughen existing sanctions applied in the case of tax evasion to ensure that the provisions in place are sufficiently ‘dissuasive’.
	UK December Tax Figures Show Improvement 1/25/2012 The UK Exchequer raked in over 7% more in tax revenues in December, 2011 compared with the same period last year, according to the latest government figures.
	IMF Recommends Permanent VAT Hike For Barbados 1/25/2012 The International Monetary Fund has suggested that the Barbados government should raise more money from tax in reviewing its medium-term fiscal strategy, aimed at eliminating the territory's deficit by the fiscal year 2014/2015.
	France Lowers Burden On Very Small Businesses 1/20/2012 Following a four hour summit meeting with the country’s social partners at the Elysée, French President Nicolas Sarkozy unveiled details of a series of agreed emergency measures, designed to reduce unemployment in France, including notably plans to grant very small businesses exemption from charges in respect of young people they recruit.
	France Plans Limited 'Social VAT' Rise 1/19/2012 The French government’s planned rise in value-added tax, to finance a reduction in employers’ social contributions, is not expected to exceed 2%, according to latest reports.
	French Unions Seek Rise In General Social Contribution 1/18/2012 Ahead of a summit meeting between the country’s social partners at the Elysée palace, convened by French President Nicolas Sarkozy, and by way of an alternative to the government’s plans to introduce a ‘social’ value-added tax in France, the country's largest trade union confederation, the CFDT, has put forward the idea of increasing the country’s general social contribution by 7% in return for a 10% reduction in employers’ contributions.
	EU Tax Burdens Stabilize 1/17/2012 Following three years of decline, European Union nations' tax-to-GDP ratios remained broadly level in 2010, the latest year for which detailed tax revenue statistics are available for all member states, as governments begin to consolidate their fiscal positions. In the euro area the downward trend in tax revenues continued, but decelerated in 2010, with a slight drop to 40.2% of GDP.
	France, Austria Successful In Combatting VAT Fraud 1/17/2012 The Franco-Austrian partnership agreement designed to strengthen the exchange of information to uncover value-added tax fraud has proven to be highly effective in practice, according to the Austrian finance ministry.
	China Lifts VAT On Vegetable Distribution 1/16/2012 To combat food price inflation, the Chinese Ministry of Finance has announced its decision to retroactively exempt the distribution of vegetables from value-added tax.
	Costa Rican Compliance Drive Brings Down Deficit 1/16/2012 The Costa Rican government has said that increased efforts to tackle tax avoidance and evasion yielded a deeper-than-expected reduction in the territory's fiscal deficit during 2011.
	French Welfare Reform Includes Plans For VAT Rise 1/16/2012 French Budget Minister and government spokesman Valérie Pécresse recently confirmed that plans to reform the financing of the welfare system in France will inevitably lead to an increase in value-added tax.
	Switzerland Mulls Temporary VAT Exemption For Hotels 1/13/2012 In view of the strength of the Swiss franc, the Committee for Economic Affairs and Taxation of the Swiss National Council has called for the hotel industry in the Confederation to benefit from value-added tax exemption for a temporary period of one year.
	French PM Hints At Third Austerity Package 1/12/2012 Seemingly the bearer of bad news, French Prime Minister François Fillon recently indicated that the government has not ruled out the possibility of introducing a third wave of austerity measures in France if necessary, despite announcing that the public deficit for 2011 is expected to be significantly lower than the previous forecast of 5.7% of gross domestic product.
	French SME Body Welcomes 'Social VAT' 1/10/2012 Underlining the need to reduce the cost of labour in France and to widen the base for financing welfare, the French industry body representing small- and medium-sized companies, CGPME, has called for a rise in value-added tax and for a rise in the general social contribution in return for lower employer contributions.
	Irish Tax Revenues Grow For First Time In Three Years 1/9/2012 Higher income tax and stamp duty revenues helped boost the Irish Exchequer's coffers in 2011, but overall receipts were still lower than originally projected.
	France To Hike VAT 1/6/2012 French President Nicolas Sarkozy announced on January 3 that his government will hike value-added tax before upcoming elections, to allow for a reduction in social security contributions paid by companies.

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