Matolcsy proposes higher VAT on luxury goods to EU
Hungarian economy minister György Matolcsy has proposed to the EU's tax commissioner Algirdas Semeta that the European Commission should allow a higher value added tax (VAT) on luxury goods, the Economy Ministry said on Wednesday.
The ministry's statement said Matolcsy said in his letter to the tax commissioner that the Hungarian government would consider the possibility of introducing a 35% VAT rate on certain products if the EU allowed it.
Top VAT rate which covers the vast majority of products is 25% in Hungary.
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.