Since 01 January 2023, products in the shopping basket such as milk, bread, eggs, vegetables, fruit, cheese and olive oil have enjoyed a VAT rate of 0%. This measure was introduced to combat the strong inflation experienced by our country at the beginning of the year 2023.
Last Tuesday 01st October, VAT on all these products was reinstated at a rate of 2%, which has increased the cost of the shopping basket.
On the other hand, we have to take into account that from January 2025 the VAT on these products will go up again until the initial rates by an additional 2%, that is to say, it will be set at 4%, which will again increase the cost of living.
MDG Advisors is at your disposal to answer any questions you may have on this matter.
Pablo Mallo Bárcena.
