The government decision needs to be sent to the European Commission before the end of March, Veres said. A recent decision by the European Union allows each member state to choose two of five services categories – minor repairs, renovation and maintenance of private homes, home cleaning for private individuals, home care and hair dressing – for VAT cuts in an effort to promote employment. According to Veres, if the VAT on these two categories is reduced from the current 20% to the lowest 5%, it will result in an annual Ft 15 billion (€60 million) less VAT revenues, and if the 15% VAT rate is applied, it will result in a Ft 5 billion (€20 million) less VAT revenues.
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