Spain is set to eliminate the value-added tax (VAT) on olive oil starting in July 2024. This move is part of a broader inflation relief package passed by the Spanish government, which includes a total of nearly 3 billion euros ($3.21 billion) in tax relief measures. The package also features a lower income tax for minimum wage workers and an extension of the VAT exemption for certain foods. The VAT on olive oil was previously cut from 10% to 5% in 2023. However, VAT on basic food items will rise to 2% from 0% on September 30.
Spain will exempt olive oil from paying value-added tax as part of a broader inflation-relief package https://t.co/3mULRxRMD8
Spain will exempt olive oil from paying value-added tax as part of a broader inflation-relief package https://t.co/OipDkpCZqM
Popeye will be pleased *SPAIN TO EXTEND VAT EXEMPTION FOR CERTAIN FOODS, ADDS OLIVE OIL
🔵 SPAIN PASSES 3 BILLION EURO TAX RELIEF PACKAGE TO COPE WITH INFLATION Spain's government passed an inflation relief package worth nearly 3 billion euros ($3.21 billion) on Tuesday, including measures such as a lower income tax for minimum wage workers and an extension of… https://t.co/t0jXescn6E
⚠️ SPAIN'S BUDGET MINISTER: VAT ON BASIC FOOD ITEMS TO RISE TO 2% FROM 0% ON SEPT. 30
Spain to eliminate tax on olive oil to ease price jump #ARYNews https://t.co/JkT8FZLaco
The most important commodity news of the day, obviously: Spain set to cut olive oil VAT to 0% from July (it was lowered in 2023 from 10% to 5%).