Hungary: FinMin says VAT will not change

Banking

“We are going to submit an amendment proposal to the VAT law to be reviewed by the Parliament, however, according to the current intentions, it will not alter the volume of the tax,” explained Finance Minister János Veres.

The major element of the amendment is the unification of accountability, which would ensure that those who have been trying to abuse the text of the law can no longer get around it. At the same occasion, Veres stated that the Ministry is not planning on modifying the planned inflation rate of 3%, which he thinks can be realistically met by the end of the year. Still, the price hike of agricultural products may slightly slow down the reduction of the inflation. The FinMin sees no chance of any tax reduction in the near future, but the ministry is working on extending the taxpayer base, which could then create an opportunity for tax cuts. (Gazdasági Rádió, Magyar Hirlap)

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