VAT cut for meat in central budget draft

Initiatives

Hungary’s government is assuming a lower VAT rate for meat when drafting the 2014 budget, National Economy Ministry Mihály Varga said on public radio on Wednesday.

Varga told Kossuth Rádió that the finishing touches were being put on changes to the tax system and the government would submit the amendments to Parliament by September 30.

The farm and economy ministries re-started talks on lowering the VAT rate for pork and poultry from 27% early in September.

Rural Development Minister Sándor Fazekas said after the talks started that the preferential VAT rate would likely be 5%. Introducing the rate for pork and poultry alone would result in a HUF 10 billion (€33.4 million) budget revenue shortfall, Fazekas added.

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