Hungary to ignore European Court's ruling on VAT
Hungary is sticking to its 2011 and 2012 budget deficit targets and a European Court ruling on value added tax (VAT) refunds has no impact on the budget goals, spokespeople of Ministry for National Economy annoumced in a statement, reported Reuters.
The Luxembourg-based court said in a ruling dated July 28 that Hungary's regulations on certain VAT refunds were not in line with European Union laws.
The ministry also said it would consider selling a part of oil and gas group MOL to raise revenue.
"The government, should it become necessary next year, will consider the possibility of selling part of the MOL share package among others in order to boost budget revenues," the ministry added.
The government bought back a 21.2% stake in MOL earlier this year by paying €1.88 billion euros to Russian oil and gas group Surgutneftegas.
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.