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GOVT OFFICIAL: BREXIT POSES EXTRA TASKS FOR TAX AND CUSTOMS AUTHORITIES

Brexit will pose significant extra tasks for tax and customs office NAV and preparations for these are already under way, the finance ministry’s deputy state secretary for tax and international affairs said. Initial estimates show that the office will have to handle nearly half a million extra customs clearances annually as a result of Brexit regardless of whether or not a planned free trade agreement between the European Union and Britain is signed, Tamás Molnár told the press on the sidelines of the autumn conference of the Hungarian Association of Customs Affairs.

Tax and customs revenues will be record high this year, he said. The projected excise tax revenue for 2018 is 1,099.4 billion forints, as against 1,069 billion forints last year. Customs clearance of goods from third countries and East Asia has been given special emphasis because Hungary wants to become central Europe’s customs clearance hub for the Middle East and the Far East, he said.