The VAT rate on brownfield home construction will be lowered from 27 percent to 5 percent, according to the Prime Minister’s Office. The move is among the Hungarian government’s latest efforts to ease the economic fallout of the coronavirus crisis. Gergely Gulyas, the head of the Prime Ministerʼs Office, said the government is extending the state of emergency by an additional week starting Saturday. The government has spent HUF 500bn to date on its pandemic defense. Money from the budget is being reallocated into the newly established pandemic defense fund, including HUF 37bn that was originally earmarked for upgrading the Paks nuclear power plant.
