Farm ministry mulls VAT rate cut on milk
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Following a cut on the VAT rate on pork, Hungary is considering cutting the VAT rate on milk as part of a measure to support the dairy industry, Hungarian daily Magyar Nemzet reported today.
Hungary’s Ministry of Agriculture believes that cutting the VAT rate on milk is necessary, as the reduction is part of a support plan the ministry is working on and will soon propose to the government, state secretary György Czerván told the paper.
The VAT rate on pork was reduced from 27% to 5% at the beginning of this year. As a result, the price of pork began to fall, causing concern in other sectors, in particular the poultry sector, according to reports.
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