Food VAT reducing forum was established

The key players of the basic food production industry, at their meeting set up an ad hoc coalition that aims to reduce the VAT on basic food products under ten percent. The name of the initative is “Forum for the VAT reduction of Basic Food Products”. The VAT reduction can terminate the VAT frauds that are increasingly affecting the sector.

The forum – which is the joint initiative of Bonafarm Group and Bunge Zrt. – unites the representatives of the industry's professional associations and leading manufacturers', including milk, meat, poultry, bakery, sugar, fruit and vegetables, cooking oil and the coffee sectors. The extent of VAT fraud is estimated at 150-300 billion HUF only in case of basic food products.   (by our colleague)