Parliament okays cut in construction VAT to 5%

Industrial

Photo by Shutterstock.com

Just two days after it was first mentioned, the Hungarian Parliament has approved amendments today that will reduce the VAT rate on home construction from 27% to 5% for the period of 2016-2019, according to reports.

The bill, submitted by the government yesterday in an expedited procedure applies to apartments up to 150 sqm and single-family detached homes up to 300 sqm, Hungarian news agency MTI reported.

The market of newly built homes is expected to double as a result of the approved change to the VAT rate.

ADVERTISEMENT

Chemark Inaugurates EUR 13 mln Pesticides Plant Crops

Chemark Inaugurates EUR 13 mln Pesticides Plant

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Higher Sugar Prices Raising Holiday Candy Costs Retail

Higher Sugar Prices Raising Holiday Candy Costs

Hungarian Tourism in Croatia Returning to Pre-pandemic Level... Tourism

Hungarian Tourism in Croatia Returning to Pre-pandemic Level...

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.