"A Fidesz proposal to reduce VAT on food was voted down by the Socialists and Free Democrats on Parliament’s budget committee yesterday. The bills would cut VAT on food products from 20% to 10% and 5%.Such tax cuts would hurt goals in the convergence plan, as they would cost the budget Ft 150-200 billion annually, the Finance Ministry said. The proposals may also violate EU tax rules, according to a Socialist MP.
The committee approved a Socialist motion to cut the VAT on central heating to 5%."
Source: Hungary Around the Clock.
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08.05.2008