Are you sure?

Tax revenue jumped 5% in 2019

According to preliminary estimates, the general government deficit-to-GDP ratio was below the EU benchmark for the eighth consecutive year, which has allowed the debt ratio to show the most dynamic decline in the last two decades, the Ministry of Finance said, according to adozona.hu. 

Photo by Shutterstock.com

Wage raises, rising employment, dynamic consumption growth, government measures in the area of economic whitening, and elements of the Economic Action Plan that were launched last year could lead to a year-on-year increase of about 5%, the ministry estimated.

Some HUF 603.7 billion in VAT, HUF 247.2 bln in personal income tax, about HUF 466 bln in pension, health insurance and labor market contributions, and excise tax amounting to HUF 64.5 bln were all higher in 2019 than a year prior, adozona.hu adds