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Hungary proposes higher VAT on luxury items

Sándor Laczkó
September 8, 2011

The Hungary's Economy Minister György Matolcsy has proposed increasing the value-added tax on luxury items in a letter sent to European Tax Commissioner Algirdas Semeta, the Ministry of National Economy said in a statement on Wednesday.

The Hungarian government would consider introducing a 35-percent VAT on some goods if the European Union's guidelines made it possible, said a statement from the ministry.
In his letter, Matolcsy asked the European Commission to make a relevant proposal as soon as possible.
Hungary, facing a HUF 100 billion hole in this year's budget, will increase VAT on certain products from the current 25%, the government decided at a two-day cabinet meeting ending on Tuesday.

Sándor Laczkó

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