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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.

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