- From 1 January 2016, a 5% VAT rate applies to certain newly built residential properties in Hungary.
- The treatment of ancillary premises was previously unclear under the law.
- New guidance from the Hungarian Tax Authority confirms that storage units, and in some cases parking spaces, sold with new residential properties can also qualify for the 5% VAT rate.
- This resolves a long-standing uncertainty.
Source: taxand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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