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Parliament okays cut in construction VAT to 5%

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.