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Hungary’s government has decided to yield to demands formulated by members of the hospitality industry to include the hospitality business in the beneficial, 18% VAT bracket following a general hike of the tax in July.
Deputy chairman of the minority governing socialist party (MSzP) István Nyakó said the decision was hailed by professional organizations, as it contributes greatly to preserving the competitiveness of the tourism industry while also promoting employment in the sector.
The measure means the government will leave HUF 10 billion in the industry which would otherwise have been lost due to the VAT raise, Nyakó said. (Gazdasági Rádió)