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.
By: Margit Feher
Posted: July 26, 2013, 11:38 am
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