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Hungary's premier to unveil five-year tax-cut plan

Hungarian Prime Minister Ferenc Gyurcsány will announce tax-cut proposals through 2010 in parliament today, affecting all levies and social security contributions, Napi Gazdaság reported. The changes will block reliance on "omnipotent state" for subsidies, reward employment seekers and encourage setting up competitive businesses, Gyurcsány said June 25 following a meeting of Socialists Party executives, the business daily reported. Most cuts are scheduled to take effect in the next government's term after 2006 elections. Next year's changes will probably affect the personal income tax by raising the threshold that separates the 18 % and 38 % tax brackets to Ft 1.8 – 1.9 million, and the value-added tax.