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Cheaper milk on the horizon
Cheaper milk on the horizon
The price of a milk carton could drop by up to DKK 4 if VAT is removed, says dairy company
15.12.2023 - 06:47
The government is exploring ways to ease the financial burden on milk producers by reducing or eliminating VAT on essential production costs.
Dairy producer MBM welcomes this initiative.
“This would obviously be of great benefit to consumers,” says MBM CEO Hákun Steingrímsson.
>> SEE ALSO Milk price goes up (again)
“It would also level the playing field for MBM against foreign dairy producers, who often benefit from lower production costs in their home countries.”
It is believed that exempting essential dairy production costs from VAT would cost the government about DKK 20 million per year.
Read the Faroese version of this article here.
More Faroese News in English.
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