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Gov't to propose raising limit on income tax bracket

Proposals to raise the upper limit on the lower income tax bracket from HUF 1.9 million to HUF 5 million and introduce a value-based property tax are part of the government's tax package for 2010, MTI learnt.

The government will propose lowering the rate on the lower income tax bracket from 18% to 17%, and the rate on the upper bracket from 36% to 32%, MTI learnt.

The rate on the simplified business tax (EVA) would rise from 25% to 30%.

Prime Minister Gordon Bajnai and Finance Minister Péter Oszkó are expected to reveal the details of the government's tax plans for 2010 on Tuesday. The proposals could come before the government on May 20 and come before parliamentary committee in the first week of June. (MTI – Econews)