Gov't sets PIT exemption for under-25s at HUF 403,600
Photo by ysuel/Shutterstock.com
The government will set the earning threshold for a personal income tax exemption for Hungarians under 25 at the average wage: HUF 403,600, Minister for Families Katalin Novak said in a post on Facebook on Wednesday.
Prime Minister Viktor Orbán announced in January that the government would introduce a PIT exemption "up to the average wage" for Hungarians under 25 from the start of 2022. Government representatives later discussed the proposed earning threshold with youth organizations.
Novák said the bill on the PIT exemption would be submitted to lawmakers later on Wednesday. The measure could raise the income of close to half a million young Hungarians by around 22%, she added.
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