Spain to reduce VAT on fuel to 10% over Iran war

Spain on Friday will reduce the value-added tax on fuel products to 10% from 21% as part of measures to cushion the economic blow from the Middle East conflict, SER radio station reported, citing sources familiar with the plans.

Madrid also plans to suspend the excise duty on hydrocarbons, which would lead to an immediate reduction in the price of diesel and petrol of between 0.30 euros and 0.40 euros ($0.35-$0.46) per litre, the SER report added.

The government will eliminate a 5% tax on electricity consumption...