“We certainly have a lot to do in the coming two years to keep the fiscal deficit under the 3% [of GDP European Union] threshold, but if there is a chance, there will be another, significant tax reduction,” Pankucsi said.

Hungary’s previous, progressive tax system comprising of two rates, encouraged many to evade paying their taxes and move to other countries, he added. At present, Hungarians pay a 16% flat-rate personal income tax.

Source www.hungarymatters.hu

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