The prime minister said the measures, unprecedented in Europe, would be a huge budget expenditure, but fiscal deficit and state debt levels could still be reduced.
The law passed with 116 votes in support, 47 against and 7 abstentions.
Taxation is an area where the mainstream media’s disregard for unbiased reporting becomes the most obvious.
According to fresh data published by the European Union’s statistics bureau, Hungary’s tax wedge on average earnings declined the most within the bloc over the last decade.
The world of politics, of course, is by definition dominated by the clash of conflicting ideologies and views. There are, however, policy areas where numbers matter more than opinions.
The European Court of Justice has ruled in favor of Hungary against the European Commission’s decision that the progressivity of certain tax rates based on turnover was in breach of EU state aid rules.
“In my opinion, the current economic conditions allow for a further reduction of the personal income tax in two or three steps,” László Domokos said.
András Tállai, state minister at the Finance Ministry, has revealed that because Hungary is reducing its taxes at the fastest rate in the European Union it has become the target of Brussels bureaucracy
Hungary is now one of the leading tax havens in the world. With the 7.5 percent tax that multinational companies have to pay, Hungary is now ahead of other tax havens like Ireland, Cyprus or Malta
The finance ministry said the government’s tax policy focuses on cutting taxes and simplifying tax administration and the tax cuts will continue
András Tállai, the Ministry of Finance’s parliamentary state secretary, stressed that the costs incurred to the state and to the Hungarian people as a result of the activities of organizations that assist immigration must be recovered
The government of Hungary has announced that the proposed tax law currently in front of Parliament proposes a 25 percent duty on organizations aiding illegal migration. The Government said that their goal with the new legislation is to help pay for expenses that illegal migration imposes on the Hungarian budget.
Mihály Varga, minister of Finance, said NAV will make the system available to businesses free of charge. The system will supply companies with information on invoicing rules and help speed up the issuance of invoices