Varga: Cut personal income tax to 15% in 2016
Hungaryʼs National Economy Ministry proposed at a press conference yesterday that the personal income tax rate be lowered to 15% next year from the current 16%, MTI news agency reported.
The reduction would save 4 mln Hungarians a combined HUF 120 bln in taxes, Varga said after informing the leaders of the parliamentary group of governing alliance Fidesz-KDNP of next yearʼs budget draft.
Varga also proposed a handful of other measures that could save taxpayers an additional HUF 40 bln. Varga said the ministry would submit the budget draft to Parliament on May 13.
At a Business Leaders Forum earlier in March, Varga said he expected the personal income tax to become a single-digit measure.
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