Black grain trade decreased by more than 50 percent

Black grain trade in Hungary decreased by more than 50 percent, following the 1 July introduction of the  reverse VAT – Vancsura József, Chairman of the National Association of Cereal Growers (GOSZ), told MTI on Monday.

The Chairman of GOSZ reminded that the reverse VAT entered into force on 1 July in order to reduce agricultural VAT frauds. During the marketing of cereals, oilseeds and protein crops reverse tax rules should be applied, which means that the seller does not levy VAT on the tax obliged product, ie sells it on a net price so the VAT wiil be paid by the buyer. (MTI)