Tállai: Hungary committed to single digit personal income tax

Banking

Fotó: Botár Gergely/kormany.hu

The governmentʼs objective remains pushing personal income tax into the single-digits, although, it is unclear what the income tax reduction will be, András Tállai, state secretary of Hungary’s National Economy Ministry said today, according to online daily origo.hu.

(Fotó: Botár Gergely/kormany.hu)

Furthermore, Tállai emphasized that it is not yet clear when the desired figure will be reached, and that it might not happen at all in 2017, origo.hu reported. 

In connection with the reduction, Hungaryʼs Cabinet Chief János Lázár said today at his weekly press conference that a decision has not yet been reach on the specifics of the reduction.

Since 2010, HUF 3.6 trillion remained in the hands of the public, as a result of the new personal income tax system, Tállai said. According to Tállai, low income tax contributes to an increase in employment and the competitiveness of enterprises.

The tax authorityʼs reorganization is in progress, but exact dates for when it would wind up are still not known. The analysis of NAVʼs performance should be completed by May 31 and necessary steps will be taken after the analysis. Any changes will only be made based on professional criteria, said Tállai. The integration of tax and customs fees must continue.

Regarding the Panama offshore scandal, the tax authority will not conduct special investigations, Tállai reportedly said, nor will it follow up on those said to be involved in the scandal.

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