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Government mulls lower VAT for some products

Banking

The Hungarian government is considering products for which it could reduce the VAT rate, National Economy Minister Mihály Varga said on commercial television TV2 on Friday.

"No big changes can be expected" for the corporate tax and the personal income tax rates next year, although the government aims to lower the personal income tax rate to around 9% by 2017-2018, he added.

Drafting next yearʼs budget bill, the government will keep to its policy of reducing taxes on labour and income, while keeping taxes on consumption level, Varga said.

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