Government has announced the suppression of Value Added Tax (IVA) to olive oil from the next 1 of July. A measure that the Ministry of Finance, headed by Mara Jess Monterotake to the Council of Ministers next Tuesday.
Already in 2023it should be noted, The Executive had reduced the VAT on olive oil from 10% to 5%. Now, suppress, completely this tax, after Its price has tripled since January 2021 and its consumption has fallen by 20%.
Aim
This measure, as indicated by the Ministry of Finance itself, has The objective is to protect and encourage consumption of olive oil, a healthy product whose price has recently become more expensive as a result of the drought, among others. reasons.
As if this were not enough, this product will become part of those considered First need such as bread, fruit, vegetables or eggs. Therefore, super-reduced VAT will be appliedwhat in conditions normal is usually 4%instead of being in the group of goods with reduced VAT, which is usually 10%.
Great success
The reactions to this ad they have not been waiting. The most notable -and expected- has been that of Gonzalo Bernardosprofessor of economics at the University of Barcelona, who has confessed that this measure is, in his opinion, a great success.
I think it’s very good because we are the largest olive oil producer in the world.. practically, half of the production It is made in Andaluca. In addition, it is a healthy product. Finally, supporting the national product is always very good, the renowned economist has declared in Red Hot.
To consider
Now, the expert has warned that what he would do is ask supermarkets for restraint. The reason? It is clear: THEMES What they are going to do with this drop is increase their profit margin. Something that has generated some debate in the social networks.
In fact, he highlighted that olive oil at origin has decreased, according to data from the Coordinator of Farmers and Ranchers Organizations (COAG) from January to May 10.5%. However, in supermarkets it has remained equal.
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