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PM to propose setting new tax thresholds

Hungarian Prime Minister Gordon Bajnai will propose to Socialist MPs setting the threshold for a general tax on assets at HUF 30 million, several sources confirmed for MTI.

The rate for the property tax would be around 0.5% a year over assets worth HUF 50 million, MTI learnt. Pensioners, big families and households suffering the effects of the economic crisis would be given some relief from the tax, though this is still being discussed.

The new proposal would generate somewhat less revenue than an earlier one. Thus, in order to make room for personal income tax reductions, spending on public transportation by the government - including support for railway company MÁV - and local councils would be cut. (MTI – Econews)