Varga: Cut personal income tax to 15% in 2016

Telco

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.

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