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Hungarian government is cutting taxes on live and slaughtered hogs

The Hungarian cabinet decided on November 8 to reduce the VAT on live hogs and slaughtered pigs from 27% to 5%.

Wednesday 20 November 2013 (4 years 6 months 5 days ago)

According to USDA'S Global Agriculture Information Network (GAIN), the Hungarian cabinet decided on November 8 to reduce the VAT on live hogs and slaughtered pigs from 27% to 5%.

An amendment motion to the tax bills has been submitted to Parliament for a vote, followed by publication in the official gazette. Implementation is expected January 1.

As a result of the reduced VAT, legitimate meat processors will no longer have to compete with tax-avoiding competitors who buy meat illegally, and farmers will be less likely to sell their products on the black market. The budget impact is estimated at Ft 10 billion (about $45 million). Hungary’s VAT rate is among the highest in the world.

Thursday 14 November 2013/GAIN-USDA/ United States.
http://gain.fas.usda.gov

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