Sarkozy May Propose to EU Capping Sales Taxes on Oil |
| Bloomberg - May 27, 2008 |
French President Nicolas Sarkozy said the European Union should consider suspending some of the value- added tax on oil products if prices continue to rise as protests from fishermen and truckers mount.
``I'm asking our European partners, if oil continues to rise, shouldn't we suspend the VAT tax part of oil prices?'' Sarkozy said on RTL radio today. ``That would mean that the VAT wouldn't be levied from a certain level of oil price.''
Leaders in France, Spain, the U.K. and other European countries are facing protests and threats of blockades from fishermen, farmers, truckers and taxi drivers demanding action to lower record fuel costs. The price of crude has risen 39 percent this year and reached a record $135.09 on May 22. Sarkozy's proposal would need unanimous approval of the 27 EU nations.
Read Full Article from Bloomberg
- Posted: 2008-05-27 08:29:18
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