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 Plans to increase the VAT rate in Hungary to 27%
 Markus Kramer
PwC Zurich
+41 58 792 43 85

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Dear Ladies and Gentlemen

According to the plans of the Hungarian Ministry of Economics, the standard VAT rate will be increased to 27% from 1 January 2012. The Minister of Economics announced on Friday that the standard VAT rate that has been historically among the highest within the EU should be raised further, when the Parliament accepts the 2012 budget proposal.

The new rate is clearly above the EU-wide accepted ceiling of 25%, but the Hungarian government states that EU legislation does not limit the standard VAT rate from above. The member states agreed only on a 15% minimum limit for the standard rate.

Beside the raise of the standard rate, the current reduced rates seem to remain in Hungary as they are. In the new austerity package, a further VAT relevant proposal concerns the introduction of domestic reverse charge for agricultural products.

When the wording of the proposals became known, we will inform you in more detail.
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