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Food in Spain, without VAT until September 30

2024-06-26 13:14:24Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Food in Spain, without VAT until September 30

Basic foods in Spain will continue to have reduced VAT for a few more months, but unlike what has happened for a year and a half, this time they will gradually recover the usual tax rates. The government, after several weeks of monitoring the prices of all these products, gave the final green light this Tuesday to the extension of the measure, which will come into force on July 1. However, in this case there will be a progressive return to traditional tax rates that goes hand in hand with price moderation.

Specifically, from July 1 to September 30, essential foods (a group that already includes olive oil) will maintain the current VAT rate of 0%, while pasta and seed oils will have it at 5%. Between October 1 and December 31, the rate will increase to 2% in the first group, while to 7.5% in the second group. Starting in 2025, the first category will return to 4% and the second to 10%.

Under this new scheme, foods considered essential will gradually approach the usual tax rate of 4%. This group traditionally includes mass bread, flour, milk, cheese, eggs, fruits, vegetables, legumes and natural grains. The government's latest decision also responds to the request of the European Commission, which calls for the progressive withdrawal of support measures.

In May, olive oil in Spain was 63% more expensive than the same month last year. Since January 2021, the price has increased almost 200%. Spain is one of the world's leading producers of olive oil, accounting for 70% of European Union production and 45% of global production.

The government decided to reduce the VAT on certain products in the last weeks of 2022. At that time, food inflation marked an annual increase of more than 15%. The reduction of VAT on food had an impact of 1.7 billion euros on the state budget last year.


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