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Revenue from sales tax VAT falls off a cliff

As could be expected revenue generated by the sales tax VAT plummeted as a result of the corona crisis.

With bars, restaurants and many shops closed the taxman only received 600 million euros in VAT this April.  Last year in April the tax generated nearly 4 billion euros for the treasury.  Revenue is down 84% on the same month last year. Some revenue is still in the pipeline as retailers were allowed to postpone payments for a while, but still the scale of the mountain that will be have to be climbed is clearly visible.

Alexander Dumarey

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