Vegetable oil will be included in the list of goods subject to the intermediate VAT rate and no longer taxed at the maximum rate, according to the proposal to amend the state budget for 2024 (OE2024) from the PS.
Over the past few months and until the end of this year, vegetable oil has enjoyed VAT exemption as part of the group of food products included in the zero VAT basket, and will revert to 23% from the end of 2024. This measure is intended to mitigate the impact of inflation.
The proposed amendment to OE2024 submitted by the CoP would see this type of oil included in the list of products subject to the intermediate rate of VAT (which is 13% on the continent).
“Recognizing the consumption of direct edible vegetable oils and their mixtures (edible oils) by Portuguese households, it is envisaged that they will be subject to a reduced VAT rate of 13% instead of the applicable 23% after the end of the transitional VAT exemption rule. [cabaz do IVA zero]”, refers to the proposal signed by the PS in the explanatory note.
Debate and voting on the OE2024 specialty will begin on November 23 and conclude on the 29th of this month with a final global vote on the budget law proposal.
Author: Lusa
Source: CM Jornal
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