Decree Adjusts VAT Rates to Aid Vulnerable Populations and Combat Inflation

• Decree modifies VAT in response to conflicts in Ukraine and the Middle East
• Reduced VAT rates on certain food items extended until December 31, 2024
• Specific changes include maintaining 5% VAT rate on pasta and seed oils, reducing rate on olive oil to 0%
• Gradual increase in rates to 7.5% and 2% after September 30, 2024
• VAT rate on olive oil reduced to 4% starting January 1, 2025
• Changes part of urgent fiscal measures to address economic and social consequences of conflicts

Source: audiconsultores-etlglobal.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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