Decline in Hungary Tax-to-GDP Ratio Largest in EU
The decline in Hungary's tax-to-GDP ratio last year was the largest in the European Union, Finance Minister Mihály Varga said in a post on Facebook on Friday, citing data compiled by Eurostat.
The Eurostat data show the share of taxes and social contributions as a percentage of GDP in Hungary fell to 34% in 2021 from 36.1% in 2020. The average tax-to-GDP ratio for the EU as a whole stood at 41.7% in 2021.
"The government continued to cut taxes this year, too, reducing employers' taxes by HUF 600 billion, preserving the country's top position among EU countries in 2022 as well," Varga said.
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