CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Hungary's 2017 Budget Approved

Hungary's 2017 Budget Approved

by Ulrika Lomas, Tax-News.com, Brussels

16 June 2016


The Hungarian Parliament has voted through the Government's Budget plan for 2017, including value-added tax (VAT) cuts on certain foodstuffs and services.

As a result of the 2017 Budget, milk, eggs, and poultry will be added to the list of products eligible for Hungary's five percent reduced rate of VAT. This measure would follow the recent addition of pork to the list.

In addition, under the Government's plans, VAT on restaurant services, which are currently subject to the 27 percent standard rate, will be reduced to 18 percent on January 1, 2017, and to 5 percent in 2018.

The budget also cuts VAT on internet services from 27 percent to the intermediate rate of 18 percent, although this measure may have to be cleared by the European Union.

The 2017 Budget leaves rates of personal and corporate income tax on hold. However, the plan includes an extension of family tax allowances, which the Government says will boost the income of a family with two children by an average of HUF60,000 (USD215) annually.

TAGS: VAT rates | tax | value added tax (VAT) | Hungary | budget | food | internet | services | Europe

To see today's news, click here.

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 











Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »