Varga: Cut personal income tax to 15% in 2016
Hungaryʼs National Economy Ministry proposed at a press conference yesterday that the personal income tax rate be lowered to 15% next year from the current 16%, MTI news agency reported.
The reduction would save 4 mln Hungarians a combined HUF 120 bln in taxes, Varga said after informing the leaders of the parliamentary group of governing alliance Fidesz-KDNP of next yearʼs budget draft.
Varga also proposed a handful of other measures that could save taxpayers an additional HUF 40 bln. Varga said the ministry would submit the budget draft to Parliament on May 13.
At a Business Leaders Forum earlier in March, Varga said he expected the personal income tax to become a single-digit measure.
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.