Under the law, the rate of personal income tax will fall by 1% from 16% to 15%. Additionally, tax preferences for families raising two children will double to HUF 20,000 per child a month gradually over four years as of next year.
The VAT rate on unprocessed pork will be significantly reduced to 5% from 27%, a measure which has led to an outcry by poultry producers.
Under an agreement signed between the Hungarian government and the European Bank for Reconstruction and Development (EBRD) on February 9 of this year, the top rate of the bank levy will be reduced to 0.31% of total assets in 2016 from 0.53% this year and will be lowered further between 2017 and 2019. Although the Hungarian government introduced the extraordinary bank levy as a temporary measure, it later became permanent.
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