Hungary: No tax reform in 2009

Banking

There will be no tax reform in 2009, said Finance Minister János Veres.

Since both the structure and the types of the tax are in harmony with the practice followed in the EU, there will probably be no need for introducing any new or scrapping any existent taxes, he said. At present, it seems that the combined amount of taxes will not change in 2009, only distribution will be different, e.g. the burdens on labor might be lighter to boost employment, though neither pension nor the healthcare contributions are likely to decrease, emphasized Veres. The taxes on consumption have been on the agenda for a time, the eco-tax might play a more important role, while the wealth-related taxes are too low compared to those in the EU, he listed the possible changes, adding that the so-called small taxes are reasonable and necessary to be modified. In 2007 the Finance Ministry expects a Ft 50 billion extra tax income from bleaching the economy and a further increase in 2008, due the changes in healthcare system. (Magyar Hírlap)

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