Update: | Compliance Alert - Changes in some VAT rates for 2024 |
Date: | 2024-01-23 |
Amid ongoing inflation and economic tensions from international conflicts, the Spanish Government has announced its commitment to sustaining tax reductions in electricity, food, and energy.
The following section outlines the changes in VAT rates.
- Electricity supplies will be subject to 10% VAT from 1 January to 31 December 2024;
- Natural gas will be subject to 10% VAT from 1 January to 31 March 2024;
- Essential food items, such as bread, cheese and eggs, will be subject to 0% VAT from 1 January to 30 June 2024;
- Olive oil, seed oil, and pasta products will be subject to VAT of 5% from 1 January to 30 June 2024. .