Starting from the next 1° JulyL’value added tax (VAT) on Spain’s olive oil will be reset. This was anticipated by the Minister of Agriculture, Luis Planas, who reported that this measure will be discussed and approved in the next Council of Ministers scheduled for Tuesday 25 June.
According to reports from Olimercathis would be the second reduction in VAT made by the Government on olive oil, which has already fallen from 10% to 5% in 2023, a measure that would now be completed if the next Council of Ministers definitively approves it by reducing the tax to 0 %.
Furthermore, the minister added, olive oil would be included in the group of essential goods which permanently apply the super reduced rate, such as bread, fruit and vegetables or eggs: therefore from 2025 VAT on olive oils will have a rate of 4%.
L‘olive oil continues to be the product that it is increased more in the shopping cart, recalled the Olimerca portal. Specifically, in the last year (in the ratio between May 2023 and May 2024), the price of extra virgin olive oil (€/litre) in Spain increased by 62.6%, virgin oil by 61.2% and olive oil by 61%, according to sources from consultancy NIQ.
