Spain zeroes out VAT on olive oil, figures for this year's exports

게시됨 2024년 6월 21일

Tridge 요약

The Spanish government is set to approve the reduction of VAT on olive oil to 0% from 1 July, following a previous reduction from 10% to 5% in 2023. This decision, to be formalized next Tuesday, aims to reduce the financial burden on consumers and stimulate the consumption of essential products. Meanwhile, the latest olive oil export data for the first seven months of the 2023/2024 marketing season show a 10% decrease in volume but a 52% increase in value. The majority of exports were virgin olive oil, accounting for 56% in volume and 79% in value.

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원본 콘텐츠

The Spanish government, in order to ease the financial burden on consumers and encourage the consumption of essential products, has announced that it will approve the further reduction of VAT, to 0%, for olive oil from 1 July. According to information from AgroTypo, the decision to cancel the VAT will be formalized in the Council of Ministers next Tuesday (25/6). Let's remember that the previous reduction of VAT on olive oil took place in 2023 and was from 10% to 5%. As it seems, however, the country did not go bankrupt from the reduction of the VAT for this and then reduced it to zero. In the meantime, the figures of this year's olive oil exports were published by the Spanish agricultural organizations. You see, the Iberian country has and announces the production and marketing data of olive oil, contrary to what happens in our country. According to the data, covering the first 7 months of this year's 2023/2024 marketing season (October 2023 - April 2024), Spanish extra virgin ...

출처: Agrotypos