Spain expected to adopt emergency tax cuts to counter impact of US-Israel war on Iran – Europe live

VAT tax on fuels will reportedly drop from 21% to 10%, as Ursula von der Leyen suggests EU may move to help states with rising energy costs

Spain is set to put forward a number of emergency tax cuts this morning to counter the economic impact of the Iran war.

The measures – set to be presented at a press conference 11am local time – are expected to include lowering VAT tax on fuels to 10% from 21%, according to early media reports, alongside other changes, including to the hydrocarbon and electricity duties, intended to help with growing energy prices.