Hungary Wants To Launch 30-35% “Luxury” Tax

    The Wall Street Journal
    By The Wall Street Journal
    MTI Aron Szanto
    Sailboat winning Hungary's 45th Blue Ribbon Sailing Regatta round Lake Balaton July 25.

    BUDAPEST--Hungary's Prime Minister Viktor Orban wants to retry launching a value added tax on luxury products despite the European Union turning down the proposal once already.

    Hungary's current 27% VAT levied on most goods and services is already the highest rate in the European Union.

    In a regular, biweekly interview on state radio on Friday, the Prime Minister said a 30%-35% "luxury tax," which would be "a small but symbolic element of the tax system," would make the current tax regime more "equitable."

    Mr. Orban cited luxury cars and jewellery as examples for luxury products but didn't want to say whether sailboats would rank as such.




    Original: http://blogs.wsj.com/emergingeurope/2013/07/26/hungary-wants-to-launch-30-35-luxury-tax/?mod=WSJBlog
    By: Margit Feher
    Posted: July 26, 2013, 11:38 am

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