Spain eliminates VAT on olive oil to counter price increases

The Spanish Government and the Ministry of Finance announced that olive oil will no longer be subject to value added tax (VAT).

The Ministry of Finance will take this measure to the Council of Ministers and it is expected to come into force so that VAT will no longer be charged on olive oil from July 1, 2024.

Initiative to eliminate VAT on olive oil to finally advance in parliament

The initiative, according to the authorities' statements, aims to counteract the price increase of the product in the face of shortages, as well as to protect and encourage its consumption.

In addition, olive oil will now be considered a staple, as will bread, fruit, eggs and vegetables.

China responds to EU tariffs with investigation on imported pork

Although it is a strategy that had already been raised in the past, the paralysis of the parliament had prevented it from being carried out and hopes that it will advance in the next royal decree.

According to figures from El Mundo, it is the product that has risen the most in the shopping basket, since last May it was 62.8 percent more expensive than last year, and it has been reported that since January 2021 it has become 198.5 percent more expensive, that is, its price has almost tripled in the last three years.

Follow us on Google News to stay up to date with the latest news.