Personal income tax revenue higher than target but down yr/yr
In a budget report on Monday, the National Economy Ministry said that net revenue from the personal income tax, at HUF 1,382.8bn last year, exceeded the respective annual target by 1.5%, but dropped HUF 385.1bn or by 21.8% from 2010.
HUF 156bn of the decline resulted from the family allowances deductible from the tax base, which were granted to an averege 810,082 individuals in the course of 2011, the ministry said. It expected a further 100,000 people to claim the allowance in their annual tax returns by the May 20 deadline.
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.