Hungary's Ministry of Economy has announced planned reductions in the value added tax (VAT) rates for basic foodstuffs and restaurants. From 1 January 2017, The VAT rate for basic foodstuffs, including eggs, milk, etc., is to be reduced from 18% to 5%, and the rate for restaurant food and services, excluding alcohol, is to be reduced from 27% to 18%, and further reduced to 5% in 2018. The chang…