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Spain to Eliminate VAT on Olive Oil in July, Previously Cut from 10%, as Part of 3 Billion Euro Relief Package

Jun 25, 2024, 01:21 PM

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.