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Gov't program to promote fairer taxation

The government's five year tax reform promotes fairer sharing of taxation, eliminating gray and black economy, improving competitiveness and expanding employment, the finance minister said in parliament yesterday. The program involves tax cuts totaling around Ft 1,000 billion and changes spanning over several years will serve increased stability and easier planning, János Veres said. Of the three bills planned, one aims at reforming the current tax system, a second at introducing a simplified across-the-board tax (dubbed EKHO) for workers who invoice employers and earn up to Ft 25 million (around Euro 100,000) annually and a third at introducing luxury tax on real estate worth more than Ft 100 million (around Euro 400,000), he said. (MTI; Nv 5)