European Commission approves lower VAT rates

The European Commission decided yesterday that 17 member countries can maintain lower VAT rates on labour-intensive services until 2011. A political agreement on the issue was reached in February.

Hungary requested the right to impose lower VAT rates on bicycle maintenance, shoe repair, clothing repair and home renovation services. It is doubtful whether the government will levy the lower 5% rate on these services, given the budget situation, Népszabadság adds.

The above story is just one of more than two dozen published today by Hungary Around the Clock, the most comprehensive source of daily English-language news about Hungary. For a free trial of HATC, click here. Hungarian news sources include Népszabadság; Magyar Hírlap; Világgazdaság; Napi Gazdaság; Magyar Nemzet; Népszava; Kossuth Rádió news and Hungarian television's nightly news broadcast.

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