Government plans to exempt fishing lakes from VAT
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.