Government plans to exempt fishing lakes from VAT

Tourism

Hungary’s farming ministry is planning to eliminate the VAT charge for stocking fishing lakes, Hungarian daily Magyar Nemzet reported today.

State secretary István Nagy explained the move to the paper saying that fishing associations cannot reclaim the VAT paid on stocking fishing lakes given that they are not VAT entities, and fishermen do not pay VAT for their catches.

Nagy noted that fishing associations pay an annual HUF 700 mln in VAT to stock fishing lakes at present. The state secretary added that higher turnover and improved tax compliance could make up for the budget shortfall.

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