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%.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

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.