Food industry companies lobby for lower VAT rate
The companies, organised as members of the Forum for Reducing VAT for Staple Foods, are expected to complete the study by the middle of September and present it to an International Monetary Fund delegation. Hungary is in negotiations with the IMF and the European Union on precautionary financial assistance. The food industry forum seeks to cut the VAT on staple foods under 10 percent, arguing that the lower rate would reduce VAT evasion which they estimated results in EUR 1 billion in lost budget revenue each year.
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