Spain VAT hike to further depress car sales, Association says

Bloomberg News (Marid) - An increase in Spanish value-added tax announced today will further depress car sales as dealers are unlikely to be able to afford an extra cost estimated at an average 650 euros ($798) per car, vendors group GANVAM said in an e-mailed statement.

"The raise will be an obstacle impossible to overcome for many dealers that are already in the red," the Asociacion Nacional de Vendedores de Vehiculos a Motor said in the statement.