EC likely to reject Hungary fuel excise tax request

Banking

The European Commission has said it does not support the lowering of excise tax content of vehicle fuel to cushion the effect of record prices, Tax and Customs Commissioner László Kovács said.

The Commission's stand on the matter makes it far more likely Hungary's request to lower the excise content of its fuel prices will be rejected by the Tax and Customs Union Directorate (TAXUD), Kovács said.

EU finance ministers decided at a meeting in 2005 that vehicle fuel excise taxes should not be lowered to lessen the effect of higher vehicle fuel prices.

Kovacs said the Commission agreed on Wednesday to allow member states to levy “Robin Hood” taxes on oil companies and use the proceeds to help low-income families or support renewable energy projects. (MTI – Econews)

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