VAT-decision – The goverment accepts EU ruling

Hungary is sticking to its 2011 and 2012 budget deficit targets and a European Court ruling on value added tax (VAT) refunds has no impact on the budget goals, spokespeople of Ministry for National Econoy annoumced in a statement, reported Reuters.

The Luxembourg-based court said in a ruling dated July 28 that Hungary's regulations on certain VAT refunds were not in line with European Union laws.

“The government, should it become necessary next year, will consider the possibility of selling part of the MOL share package among others in order to boost budget revenues,” the ministry added.