Parliament approves tax laws for 2016

Banking

The Hungarian Parliament today approved a package of previously announced tax changes for 2016, with 133 voting in favor and 39 voting against, Hungarian news agency MTI reported.

Under the law, the rate of personal income tax will fall by 1% from 16% to 15%. Additionally, tax preferences for families raising two children will double to HUF 20,000 per child a month gradually over four years as of next year.

The VAT rate on unprocessed pork will be significantly reduced to 5% from 27%, a measure which has led to an outcry by poultry producers.

Under an agreement signed between the Hungarian government and the European Bank for Reconstruction and Development (EBRD) on February 9 of this year, the top rate of the bank levy will be reduced to 0.31% of total assets in 2016 from 0.53% this year and will be lowered further between 2017 and 2019. Although the Hungarian government introduced the extraordinary bank levy as a temporary measure, it later became permanent.

ADVERTISEMENT

More Romanians at poverty risk since the COVID pandemic Analysis

More Romanians at poverty risk since the COVID pandemic

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.