Spain reduces VAT on fuel - From 21% to 10% to "smooth" prices
Spain reduced the Value Added Tax (VAT) on hydrocarbon products to 10% from 21%, as part of measures to cushion the economic blow from the conflict in the Middle East.
Madrid also plans to suspend the excise tax on hydrocarbons, which would lead to an immediate reduction in the price of diesel and gasoline of between 0.30 euros and 0.40 euros per liter.
The government will eliminate a 5% tax on electricity consumption, according to the report. Ministers said earlier this week that the measures would include aid for economic sectors most exposed to the crisis, but added that the country's high renewable energy production meant its economy was less exposed to the impact of rising oil prices caused by the war.
The Spanish government's decision is one of many measures being taken by EU member states. A day earlier, the Italian government temporarily lifted fuel excise duty for 20 days, making a liter cost 25 cents less.
The other measures envisaged, the tax credit for road transport and the one for fishing, have a value of 100 million euros and 10 million euros respectively. The majority of the funding is provided by cuts to ministries.
"Work from home, avoid air travel"! - Savings tips from the International Energy Agency
The International Energy Agency (IEA), which this month agreed to a record release of oil from strategic reserves to deal with the effects of the US-Israeli......
US arms Persian Gulf countries - Trump uses emergency powers with $23 billion
The Trump administration has moved ahead with nearly $23 billion worth of arms sales to three Gulf states, moving to bolster their defenses as the war in the......
Bessent's statements lower oil - Allies seek to increase supply and free the Strait of Hormuz
Oil prices fell on Friday as major European countries and Japan offered to join efforts to ensure safe passage for ships through the Strait of Hormuz, while......
Hapet Ura e Milotit pas përforcimit të themeleve, Ministri Karakaçi: Lehtëson qarkullimin për veriun e vendit
Hapet për qarkullimin e automjeteve ura e Milotit. Në muajin korrik të vitit të kaluar në këtë vepër, e cila ka një gjatësi prej 781 ml, u konstatuan......
Malaj meets with World Bank team - Discussions on bilateral cooperation
The Minister of Finance, Petrit Malaj, held a working meeting with a World Bank team, consisting of the World Bank Director for the Western Balkans, Xiaoqing......
Mountain Package, priority areas in 7 municipalities approved
The Minister of State for Local Government, Ervin Demo, announced today that the government has approved priority areas in seven municipalities within the......
Price ceiling for fuels? - Karakaçi: We are monitoring the market, we have the Transparency Board ready
The current increase in oil prices in Albania is not yet considered problematic enough to warrant intervention in the market. The Minister of Infrastructure......
Reconstruction of three roads in Saranda - Municipality opens the competition, quality infrastructure for vacationers and residents
The Municipality of Saranda has announced the opening of the competition for the requalification of several internal roads in the area known as “Lugu i......
