Dr. István Németh, head of the Hungarian Fisheries and Aquaculture Interprofessional Organization. (Photo: Nemzeti Agragazdasagi Kamara)
Lower VAT on fish could benefit aquaculture
HUNGARY
Tuesday, April 25, 2017, 00:40 (GMT + 9)
It is expected that Hungarian Government's plans to reduce VAT rate on fish by 22 per cent will boost seafood product consumption and also benefit the domestic aquaculture industry.
The news was released through János Lázár, the head of the Prime Ministerʼs Office, who said on Thursday that the government intends to lower the VAT rate on fish from 27 per cent to 5 per cent next year.
Meanwhile, István Németh, head of the Hungarian Fisheries and Aquaculture Interprofessional Organization (Mahal), thinks that the price of fish could drop by 15 per cent as a result of the measure, reported Budapest Business Journal.
Mahal considers that the VAT reduction was essential, as the sector was at a competitive disadvantage after the previous reduction of the tax on pig and poultry meat.
For their part, sources from the Ministry of Agriculture expressed hope to whiten the sector and fish consumption will be doubled in a few years.
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