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

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 ...