Value-Added-Tax-nado: Greeks Face Soaring Food & Tourism Costs
by Tyler Durden
ZeroHedge.com
07/20/2015
More than 40,000 food items are been sold with a poisonous 10% Value Added Tax hike as of today and expect to burden the average Greek household with at least 55 euro per month. Beef, coffee, tea, cocoa, spices, sugar, oils – except olive oil, ice-creams, chocolates, but also condoms and tampons, some articles for people with disabilities, transport, taxi… just pick up an item and name it cost 10% more as of Monday 20th July 2015.
The absurd VAT hikes amid recession and economic crisis come into effect with an express implementation of Greece’s creditors “prior actions” that the coalition government and three opposition parties voted in favor on last Wednesday. In fact, the VAT hikes from 13% to 23% were supposed to go into effect already on Friday, that is less than 48 hours after the voting. But the Greek Finance Ministry decided to give it a two-day extension to allow the market to adjust.
The Rest…HERE
