Spain may have to pay out EUR 5.1 bln because of a methodological error in VAT assessments but ultimately it should get the money back after following the correct methodology, the Spanish Treasury says.
The E5.1 billion will have to be returned to over 480,000 entities
who were charged the tax, according to the report. But the Treasury said
that while this would require a lot of work, it would ultimately have no
impact on Spain’s already over-burdened state coffers, El Economista
reported — presumably because the tax can be reassessed using the
required monthly and quarterly periods.
There is a special ring in hell for government bureaucrats, no doubt.
EUR/USD remains well off session highs, now at 1.2705.
