In response to the rising price of olive oil due to decreased harvests and drought conditions, the Spanish Government has announced that it will be eliminating VAT on olive oil in order to increase consumption. This decision was made in July and sees Spain, a major supplier of olive oil accounting for almost 50% of the world’s production, apply the same tax regime to olive oil as they do to essential products like bread, fruit, and vegetables which benefit from a super-reduced structural rate of 4%.
During times of high inflation, like the current period, the VAT rate can be reduced to zero. This move comes after previous reductions in VAT on oil, as Spain is one of the world’s leading consumers of olive oil. Government spokeswoman Pilar Alegria hailed the news as wonderful for Spaniards, emphasizing the positive impact on wallets and the support it provides to the olive sector. The measure aims to stimulate consumption of this important product in the country. In recent months, the price of olive oil has risen significantly, reaching levels 63% higher than in May 2023 and triple the price from January 2021.
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