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Lower taxes on biofuels from 2007

In line with an EU directive promoting the use renewable energy in the member states, excise duty in Hungary levied on fuels with biofuel content will be reduced from mid-2007.

In line with an EU directive promoting the use renewable energy in the member states, excise duty in Hungary levied on fuels with biofuel content will be reduced from mid-2007. Excise tax on these type of gasoline and diesel fuels will be Ft 9-Ft 11 lower per liter from July, 2007 and January, 2008 respectively, daily Világgazdaság said, citing an official at the Agricultural and Rural Development Ministry. The European Commission set as the goal that biofuels should initially account for 4.4% of the energy used in transportation, a target to grow by 0.75% annually and reach 5.75% in 2010. The staple crop for biofuel feedstock in Hungary is corn and rapeseed. This year farms are expected to produce 230,000 tons of rapeseed for biodiesel this year, up nearly a half from 2005, while ongoing developments are seen to boost bioethanol capacity to 800,000 tons. (H.A.M.)