Gov't Supports Extending Home Construction VAT Rate
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A government decision to extend a 5% preferential VAT rate on home constructions until 2024 could be pushed further back and applied until the end of 2028 for construction projects already started by 2024, Minister of Finance Mihály Varga said in a post on Facebook.
The preferential VAT rate, which is reduced from the main rate of 27%, was originally set to expire at the end of 2022 before an extension until the end of 2024 was implemented.
Varga said extending the preferential rules would help save Hungarians HUF 200 billion annually.
The minister said the construction industry association ÉVOSZ proposed the extension until 2028. The Ministry of Finance examined it and has decided to support the proposal.
Hungary's Parliament could discuss the matter during the fall session, Varga added.
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