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Varga to cut taxes based on economic growth

Banking

Hungary’s National Economy Minister Mihály Varga said yesterday on state-owned news television channel M1, that the Hungarian government has decided it will use extra resources generated by Hungary’s economic growth to cut taxes next year rather than making further investments or creating jobs.

According to Varga, proportional taxation is good for people who want to work more, he said in response to criticism that the decision to lower the personal income tax rate from 16% to 15% would not be of great benefit to low earners.

The minister added that the government aims to squeeze out tax evaders by lowering the VAT rate on unprocessed pork from 27% to 5%.

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