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Varga submits bill that would broaden tax benefits for farmers

Banking

Hungary’s National Economy Minister Mihály Varga submitted a bill to Hungarian Parliament yesterday that would extend eligibility for agriculture sector job preservation tax benefits to Hungarian farmers between the ages 25 and 55, Hungarian news agency MTI said. 

According to Varga, since 2013, tax benefits have been available for employers in the farm sector to hire people below the age of 25 or above 55. The bill submitted yesterday would introduce a 14.5% payroll tax preference for farm businesses that employ workers between 25 and 55 years of age.

The tax benefit would be calculated based on gross earnings not exceeding HUF 100,000 a month, MTI said. If the bill is approved by Parliament, the changes would come into effect on July 1.

Deputy state secretary for tax affairs Zoltán Pankucsi said last week on state-owned news television channel M1 that the extension of the benefits, which is part of the governmentʼs job protection action plan, could affect approximately 35,000 workers.

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