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Hungary
Government Introduces New Measure to Help Farmers
A government decree has been published stating that from May 1, 2024 the refundable tax on diesel used in agriculture rises to 90 percent. “As promised, the Hungarian government has decided to increase excise duty refunds as part of its five-po
A government decree has been published stating that from May 1, 2024 the refundable tax on diesel used in agriculture rises to 90 percent. “As promised, the Hungarian government has decided to increase excise duty refunds as part of its five-point package of measures to improve the situation in the grain sector,” Agriculture Minister István Nagy announced.
“In view of the market turmoil in European agriculture, caused mainly by the dumping of unrestricted imports from Ukraine, the Hungarian government has decided to modify the rate of tax refund on diesel as a further measure to help the sector,” said István Nagy.
Under the previous regulation, 86 and 87 percent of the tax paid on diesel used in agriculture could be claimed back, depending on the world market price, while in previous years this was set at only 82 and 83.5 percent respectively.
The government is now increasing this to 90 and 90.5 percent, which means an average increase of around HUF 400 (EUR 1.03) per hectare.
In total, this measure will result in additional annual support of HUF 1-2 billion (EUR 2.5-5 million) for the agricultural sector, the minister noted.
While farmers in many EU member states are voicing their discontent over the withdrawal of the gas oil tax refund, in Hungary the rebate is being increased,”
he stressed.
The minister said that last year farmers received a total of HUF 22.8 billion (EUR 59 million) from the Hungarian budget for this entitlement. He also stressed that the maximum amount of diesel that can be claimed back for excise duty on diesel used in agriculture is still 97 liters per hectare a year.
Via MTI, Featured image: Pixabay
The post Government Introduces New Measure to Help Farmers appeared first on Hungary Today.
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