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People shopping in the Central Market Hall in Budapest
People shopping in the Central Market Hall in Budapest (source: Bigstock)

The Hungarian government plans to lower the rate of value-added tax (VAT) to 5 per cent on milk, eggs and poultry, after having already cut it on pork. VAT is also to be reduced on internet and restaurant services. Besides lowering VAT on basic foods, the cabinet also plans to reduce the VAT on restaurant services,  from 27 per cent to 18 per cent in 2016 and then further to 5 per cent in 2018. Currently, Hungary’s basic VAT rate is 27 per cent and it is the highest amongst emerging Europe countries that are also EU member states. The lowest basic VAT rates are to be found in Estonia, Romania and Slovakia.

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