Lower VAT on pork will help boost Nagy-Hegyes Hús turnover

Telco

Meat processor Nagy-Hegyes Hus expects a reduction of the VAT rate on pork next year to boost its turnover by 20%, owner and managing director Gábor Szilágyi said today, according to Hungarian news agency MTI.

Reducing the VAT rate for pork from 27% to 5% from January 1, 2016, will squeeze out unscrupulous competitors and bring Nagy-Hegyes more business, Szilágyi said. The move will allow the company to set aside HUF 500 mln for investments, boosting slaughter capacity to an hourly 100 hogs from 60 at present, he added.

This year, Nagy-Hegyes expects revenue to climb 15-18% to over HUF 8 bln.

Last year, the company had after-tax profit of HUF 185 mln on revenue of HUF 6.9 bln.

HUPX Joining Serbian, Slovenian Peers in Adex Power

HUPX Joining Serbian, Slovenian Peers in Adex

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

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.