New Tax System To Leave HUF 850 Bn With Tax Payers In 2016

  • 18 Jan 2016 11:00 AM
New Tax System To Leave HUF 850 Bn With Tax Payers In 2016
Hungary’s reformed tax system is set to leave 850 billion forints (EUR 2.7bn) with taxpayers in 2016 in comparison with 2010, the daily Magyar Idők said. Economy Minister Mihály Varga told the paper that the government’s main aim when it comes to reforming the tax system is to make sure more money stays in people’s pockets.

Only bigger consumers will pay more in tax under the new system. The new tax laws left about 500 billion forints with taxpayers each year between 2011-2013. 

Taxpayers saved about 600 billion forints in 2014 and will be likely to save over 850 billion forints this year as against 2010, he said.

About 1.3 trillion forints of the 3.6 trillion taxpayers will have saved since 2010 by the end of this year is made up of tax preferences for families with children, Varga said, adding that Hungary’s personal income tax rate of 15% is among the three lowest income tax rates in the European Union, with only Bulgaria applying a lower rate and Lithuania also employing a 15% income tax rate.

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