2016 Year Of Tax Simplifications, Cuts In Hungary
- 10 Dec 2015 8:00 AM
Next year will be dedicated to tax simplification and cuts, with the personal income tax dropping from the current 16% to 15%, the economy ministry said. The cut will result in an extra 30,000 forints (EUR 96) left in people’s pockets in 2016. Family tax allowances for families with at least two children will be increased by 25%, leaving an additional 60,000 forints extra with such families.
The VAT on pork carcasses will be reduced from 27% to 5% to fight black market trading and help low-income people.
Green electric cars will be exempted from registration tax and fees, vehicle tax and company car tax.
Further, the tax office will help nearly 1.5 million people prepare their tax returns.
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