News in Brief
Government launches steps to support economic recovery
The draft measures will be submitted at a full cabinet meeting in September.
Tax Cuts
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News in Brief
Budget deficit reached HUF 5,101.5 billion at end of Dec
“The budget ensured, to the full extent, the resources necessary to restart the economy and the defense against the pandemic,” the finance ministry said.
News in Brief
Finance Minister: Government to cut taxes by HUF 1,500 billion in 2022
The finance minister said the personal income tax rebate for families raising children will amount to a HUF 600 billion tax cut.
News in Brief
Finance Minister: Hungary aims to continue cutting taxes
The finance minister said Hungary will not support measures interfering with member states’ taxation policy.
News in Brief
Finance Minister: Economic cabinet decides on HUF 750 billion of tax cuts
The total amount of the tax cuts this year and in 2022 will reach HUF 2,000 billion, the finance minister said.
News in Brief
Government to reduce tax on capital gains from cryptocurrencies to 15 percent
Experts estimate that “tens of thousands” of Hungarians own cryptocurrency and put the value of that currency at HUF 300 billion.
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State Secretary Izer: Tax discounts aimed at countering coronavirus impact have already saved Hungarians HUF 62 billion
Among a series of other steps to protect the economy and help Hungarian families get by during the epidemic, the Hungarian government instructed the tax authority to exercise leniency concerning tax-discount applications made as a result of the coronavirus crisis. Thanks to these measures, Hungarian families have, according to a state secretary from the Ministry of Finance, saved Hungarians more than HUF 62 billion so far.
News in Brief
Hungarian government considers expanding personal income tax relief
Discussions are ongoing with the finance minister on exempting women who have given birth to and raised three children from paying personal income tax starting from Jan. 1, 2021.
News in Brief
Further tax cuts in store for Hungary
Norbert Izer said the economy’s growth was backed by tax cuts, adding that reductions may be continued as the central budget has “stable and predictable foundations”.
News in Brief
Hungarian government to launch new economy protection action plan
Mihály Varga, Minister of Finance, said the action plan will include further tax reductions and streamlining of administrative processes.
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State Secretary: The Hungarian government’s tax cuts are working
State Secretary András Tallai said statistics showed that the government’s economic policy was working. He added that if a country’s budget revenues are up after the government cuts taxes “then things are going in the right direction.”
News in Brief
2020 budget will bring EUR 245.5m in tax reductions, says official
“The country’s economic indicators are soaring, quality of life is rising, entrepreneurship is easier and easier. It is hard to grasp why the left-liberal opposition insists on mulling tax hikes and austerity,” András Tallai said.
News in Brief
Further tax cuts planned in Hungary over the coming years
Mihály Varga said the Hungarian cabinet wants to remain “the government of tax cuts” and over the coming years wants to introduce the biggest cuts in administrative burdens related to taxation