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Govt bill seeks to enshrine flat-rate taxes in cardinal law

Banking

A bill submitted to Parliament by National Economy Minister Gyorgy Matolcsy on Sunday would enshrine the flat-rate corporate tax and the flat-rate personal income tax, as well as tax benefits for raising children, in a "cardinal" law, requiring a two-thirds majority.

The "bill on financial stability" would make a flat-rate personal income tax mandatory from January 1, 2013. It would require a flat-rate corporate tax from January 1, 2015.

It would guarantee that pension payments maintain their real value.

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