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Parliament passes 2018 tax package, lowering the VAT rates on internet service and fish

Parliament passes 2018 tax package, lowering the VAT rates on internet service and fish

Lawmakers approved a package of tax changes submitted for 2018 in a vote on Tuesday.

The changes include lowering the VAT rates on internet service and fish from 27 percent to 5 percent next year.

The reduction in the rate on internet service will save Hungarians about 22 billion forints (EUR 72m) next year and the lower rate on fish will save consumers 3.5 billion forints.

The legislation will expand the number of homes used as commercial accommodations eligible for an itemised tax from one to three. The tax is set at an annual 38,400 forints per room.

It will exempt revenue from rent over an annual 1 million forints from the 14 percent health contribution, taxing it only at the 15 percent rate on personal income.

The law will raise tax preferences for employee accommodations support with the aim of improving workforce mobility.

The motion was approved with 152 votes in favour and 40 against.

Photo: MTI

Source: MTI

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