VAT reduction would be favorable for the bakery industry

It would be beneficial for the bakery industry if the Value Added Tax (VAT) on bakery products would be reduced, according to the proposal of the National Chamber of Agriculture (NAK). The sector would be whitened and the situation of the Hungarian-owned enterprises would be improved – the Hungarian Brewery Association told MTI on Monday.

The announcement quotes Septe József, the chairman of the alliance, who said that if the VAT on bakery products would be reduced it would be favorable for the legitimate taxpayers, it would increase their turnover, so the budget revenues would not fall. (MTI)