Government clears 15% PIT rate for 2016

Telco

Hungaryʼs government has approved proposals to reduce the personal income tax rate from 16% to 15% next year, National Economy Minister Mihály Varga said during a cabinet meeting yesterday, according to state news agency MTI. 

The government also approved proposals to lower the VAT rate on unprocessed pork from 27% to 5%, to gradually raise the monthly tax preference for families with two children from HUF 10,000 to HUF 20,000 by 2019 and to reduce public administration fees.

As a result of the VAT reductions, budget revenues are expected to fall by HUF 25 bln, but the government said it believes that this new measure will aid in "whitening" the economy, he added.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.