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Hungary raises VAT rate to 27% January 2012

Hungary has increased its standard Value Added Tax rate from 25% to 27% from 1 January 2012. This indirect tax rise is to help stabilise the government’s rising deficit with the aftereffects of the 2007/08 financial crisis and the ongoing Euro currency crisis. The reduced rates of 5% and 18% will remain unchanged.

This leaves Hungary with the highest VAT rate in the European Union – the next highest is 25% in Sweden and Denmark. Hungary was already forced to hike VAT from 20% to 25% on 1 July 2009 in the midst of the global financial crisis.

VAT Calc’s global VAT and GST rates checker provides live indirect tax rates from around the world.

Many other European states have been forced into austerity VAT rate changes include: UK, Finland,Romania, Poland, Ireland, the NetherlandsFrance, Spain, Greece, Czech Republic.

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