Hungary proposes 35% super EU VAT rate |
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11 September 2011 Hungary has proposed to the European Commission that it introduce a new, super VAT rate for luxury goods. It could be set as high as 35%. At present, all goods across the European Union are categorised at either zero, reduced or standard rate. Every member state is free to set their own rates, but the general limit is 25% for the standard rate. Click here to review all European Union member states' VAT rates The Hungarian government has already raised its standard VAT rate to 25%. It now faces a 100-billion forint gap in its latest budget and needs to act to close this hole to retain the confidence of nervous finance and bond markets. |
