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