Half a million Hungarians don't declare any personal income - paper

Banking

As many as half a million Hungarians do not declare any personal income, daily Magyar Nemzet said on Monday.

Tax expert Szabolcs Vámosi-Nagy, the former deputy chief of Hungary's tax office, said an estimate that half a million Hungarians do not declare any of their income was realistic. About 1.2m people declare they earn the minimum wage or less on their tax returns, but that number is unrealistic; personal income tax evasion is widespread, he added.

There were an average 3.8m Hungarians employed in May-July, the latest data from the Central Statistics Office (KSH) show.

Péter Szabó, department head at KSH, told the paper that Hungary's shadow economy was worth HUF 4,600 billion or 17-18% of GDP, up from 15% in 2002. The shadow economy probably grew because of the crisis, he added.

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.