Lawmakers approve PIT exemption for under-25s
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Parliament on Wednesday approved an exemption from the personal income tax, up to the average wage, for Hungarians under 25, according to a report by state news wire MTI.
MPs approved the legislation with a vote of 166 for and 1 against.
The legislation sets the exemption threshold at the average gross wage for full-time employees in July of the previous year as published by the Central Statistical Office (KSH). The average wage in July 2020 was HUF 401,847.
The measure, to come into force from the start of next year, was announced by the government in January.
The exemption is expected to leave an additional HUF 130 billion-150 bln with young people each year.
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