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Govt submits tax changes to Parliament

Banking

National Economy Minister György Matolcsy submitted to Parliament on Friday a package of amendments to the tax law as well as other proposed changes affecting next year's budget.

The general rate of VAT should grow to 27% from 25%.

Municipalities will be able to levy local taxes other than those qualified in central budgetary laws, therefore they could not tax revenue, income before tax and sales revenue. Municipal property taxes cannot be higher than 3% of the properties' market value.

An accident tax should be levied on motorists, and its rate would be 30% of motorists' annual mandatory vehicle insurance premium.

Among the amendments is one that would place all revenue from fines collected by government agencies on a single central account.

State support for public transport would fall by HUF 16bn next year. The drop would be matched by a reduction in price discounts.

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