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Spain VAT Increase to Cost Families 415 Euros a Year, OCU Says

July 11 (Bloomberg) -- An increase in value-added tax announced today will cost Spanish families an average 415 euros ($510) extra a year, consumers’ organization OCU said in an e-mailed statement.

“The raise will slow families’ spending as they are already heavily affected by the crisis,” OCU said in the statement, citing calculations based on the national statistics institute’s data on household spending.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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