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Hungary could cut VAT on home construction

Construction

The Hungarian government is planning to introduce further incentives to home construction, including the expansion of lending and cutting the value added tax rate in the home construction sector, Hungary’s National Economy Ministry said in a statement sent to national news agency MTI.

The ministry was speaking in reference to the latest construction industry statistics showing the sectorʼs output contracted 6.1% year-on-year in August and fell 3.6% from the previous month, MTI reported, adding that of the total, the construction of buildings fell 5.2% year-on-year and was down a seasonally and workday-adjusted 2.6% on the month. Except for a small rise in June, output in the segment has dropped month-on-month since April.

The volume of construction output in Hungary saw a decrease of 6.1% y.o.y. in August, with the volume of the construction of buildings falling 5.2% and that of civil engineering works falling 6.8%, Hungary’s Central Statistical Office (KSH) reported today.

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