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20th July, 2017

NAV monitors forewarned 7th District businesses

According to the publicly announced intentions, the tax authority NAV made an on-site audit in the so-called party district, the Seventh District in Budapest.

NAV teamed up with the food safety agency Nebih and the police to check restaurants, pubs and bars.

Auditors found 300 litres of alcohol of unknown origin for which no excise tax was paid.

There were businesses which reported four times higher revenues to NAV during the audit than they normally would. They reported lower revenues following the on-site inspection.

On the other hand, some business units closed during the audit period, allegedly for technical reasons, but opened immediately afterwards. (444.hu; hvg.hu; index.hu; origo.hu; magyarhirlap.hu; magyaridok.hu; mno.hu; nepszava.hu)
20th July, 2017

Retail workers want tourism wages

The planned tourism industry monthly minimum wage of Ft 240,000 for workers would be attractive for retail workers as well, inducing them to leave the sector, deputy president of the retail workers’ union KASZ Mrs. Pal Buday told Magyar Idok.

That is why KASZ is calling for a meeting of the Retail Industry Dialogue Committee to discuss a special minimum wage for this industry as well, she added.

Other sectors of the Hungarian economy must catch up with tourism wages, otherwise the wage distribution structure will be distorted and labour shortages will spread, she underlined.

A unified minimum wage for the retail sector would represent a different burden for multinational chains and small businesses, head of the Retail Association Gyorgy Vamos commented. There was an attempt a few years ago to establish a general retail wage agreement but it failed, he added. (magyaridok.hu; index.hu; origo.hu; mno.hu)
20th July, 2017

AKK plans Panda bond issue

AKK is planning to issue a so-called Panda bond denominated in Chinese renminbi, the state debt manager AKK said on Wednesday.

The AKK gave a mandate to the Bank of China and HSBC to manage the issue.

The timing and pricing issues will depend upon market conditions, the AKK added. (origo.hu; portfolio.hu; magyaridok.hu; nepszava.hu)
20th July, 2017

CNG VAT claims start

VAT on compressed natural gas (CNG), which is used in providing services for the state or local governments, can be reclaimed since a modification made to the excise tax law entered into force, the state utility company NKM underlined in an announcement on Wednesday.

As a result, the maintenance cost of vehicles using CNG in public waste collection, law enforcement and other public services will be cheaper, NKM highlighted. Probably more CNG-propelled vehicles will be purchased as well, NKM added.

NKM uses CNG in vehicles of the Budapest city maintenance company FKF since July 2014.

The company Blue Green Way is building a nationwide network of CNG filling stations. (napi.hu)

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