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Government to launch in-depth tax revisions

Banking

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)

 

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