Parliament okays cut in construction VAT to 5%

Industrial

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.

ADVERTISEMENT

Industries lose billions on counterfeit products Analysis

Industries lose billions on counterfeit products

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

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.