Government submits bill to lower construction VAT to 5%
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Meeting expectations raised by Hungary’s Prime Minister Viktor Orbán yesterday and National Economy Minister Mihály Varga this morning, the government today submitted a bill to Parliament to amend the VAT legislation lowering the VAT rate on newly built homes from the standard 27% to 5% between 2016 and 2019, Hungarian news agency MTI reported.
The bill includes changes to multi-unit residential real estate if the individual apartments do not exceed 150 sqm in size, MTI said, adding that the VAT rate on single-unit residential properties would also be lowered if their size does not exceed 300 sqm.
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