It is not hard to see demand growth being dragged down at the start of next year by a planned rise in value-added tax in Germany and budgetary tightening in Italy.

并不难看见明年初需求增长将会由于德国增值税的计划上升以及意大利的紧缩预算而下降。

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Consumers may cut back on spending now that the main rate of VAT (value-added tax) has returned to 17.5% after 13 months at 15% to counter the recession.

13个月来的增值税的主要比例为应对衰退定为15%，现在回升到17.5%，消费可能减少消费。

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The country's inflation rate, at 5%, is still well above Germany's, although part of that differential is due to increases in value-added tax.

虽然通胀部分是由增值税引起，该国5%的通胀率依然远高于德国的水平。

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An existing 16.5% tax on wholesale transactions is to become a value-added tax at a slightly lower rate, though existing exemptions will survive (a mistake, say some economists).

ECONOMIST: Venezuela

The most damaging was a move by the government at the start of 2009 to double the rate of value-added tax on pay-TV to 20%.

ECONOMIST: Pay-television in Italy

The U.S. is the only industrialized country without a VAT essentially a sales tax, applied at each level of production to value added at that level.

FORBES: 2020 Vision