Government to launch in-depth tax revisions
The amendment of the coalition contract signed on Sunday contains an agreement on working out a thoroughly new tax system by the spring of 2008 so that the necessary regulations can be passed by the Parliament.
The new system will take effect on January 1, 2009, said Miklós Tátrai, state secretary of the Finance Ministry. However, several corrections to the current system will take effect sooner, on January 1, 2008, with the aims to decrease bureaucracy, combat the black and grey economy and to decrease social injustices by cutting tax rebates and gradually canceling tax offsets. Also, the disclosure system will be simplified, the small taxes (e.g. vocational training, innovation, rehabilitation) will be merged, similarly, the four property-type taxes and the luxury tax will be replaced by a single property tax based on the value of the given property. The employers' and employees' contributions will be calculated on the same base and there will be a new VAT law. (Gazdasági Rádió)
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.