The Government will eliminate VAT on olive oil as of July 1 and will consider it an essential product
As of July 1, the Government will eliminate VAT on olive oil, which, in this way, will be considered a basic necessity product, such as bread, eggs, fruits or vegetables. According to Moncloa sources, the initiative, which comes from the Ministry of Finance, will be approved in the Council of Ministers next Tuesday.
In this way, the Executive continues with the downward path of the tax burden of this product, since in 2023 it has already undertaken a reduction from 10% to 5% due to the unstoppable rise in its price, which in two years has skyrocketed by 150 %.
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