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25th November, 2019

VAT refunds for new homes in poor villages

Home builders in the selected 2,486 disadvantaged villages will enjoy a VAT refund of up to Ft 5 million from January 1, 2020, Finance Minister Mihály Varga announced on Friday.

Otherwise, they would have to pay 27% VAT on construction materials and services.

This option will be available in communities where the “village CSOK” home purchase, extension or renovation subsidy for families with children is already available.

A family with three children could receive Ft 10 million through the CSOK scheme, and an additional Ft 5 million VAT refund. Furthermore, Ft 15 million in subsidised loans is also available.

VAT refund claims must be filed by June 30, 2022.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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