Government clears 15% PIT rate for 2016
Hungaryʼs government has approved proposals to reduce the personal income tax rate from 16% to 15% next year, National Economy Minister Mihály Varga said during a cabinet meeting yesterday, according to state news agency MTI.
The government also approved proposals to lower the VAT rate on unprocessed pork from 27% to 5%, to gradually raise the monthly tax preference for families with two children from HUF 10,000 to HUF 20,000 by 2019 and to reduce public administration fees.
As a result of the VAT reductions, budget revenues are expected to fall by HUF 25 bln, but the government said it believes that this new measure will aid in "whitening" the economy, he added.
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