ADVERTISEMENT

Hungary gov't stands by flat-rate tax

Banking

Hungary's government is standing by the proportional, flat-rate personal income tax, National Economy Ministry deputy state secretary for tax affairs Ádám Balog said in Thursday's issue of daily Magyar Nemzet.

Balog said the flat-rate tax had not been raised as a condition for starting talks on precautionary financial assistance the country is seeking from the International Monetary Fund and the European Union.

The deputy state secretary said the 16% flat-rate tax exceeded expectations in its first year as revenue from personal income tax and social security contributions generated HUF 60 billion more revenue than planned.

Balog explained that the elimination of the top tax rate was not a subsidy for more talented Hungarians, rather it was an incentive for all citizens to participate in legal work.

Number of Firms Working With Unis Doubles in 10 Years Figures

Number of Firms Working With Unis Doubles in 10 Years

Hungary Backs French Initiative for Cultured Meat Review EU

Hungary Backs French Initiative for Cultured Meat Review

Regus Fészek Office Building Opens in Pécs Office Market

Regus Fészek Office Building Opens in Pécs

Lando Norris to Race With Herend Helmet at Hungarian GP Art

Lando Norris to Race With Herend Helmet at Hungarian GP

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.