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Jul 15, 2019

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.

A State Secretary at the Finance Ministry said next year’s budget will bring a total of 80 billion forints (EUR 245.5m) in tax reductions.

In an interview for Magyar Nemzet, András Tallai said taxpayers’ administrative burdens will also be significantly reduced in 2020, adding that the ruling parties were again “basically left to their own devices” to create a tax system supporting families and economic growth.

“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,” he said.

Tallai said as long as the ruling Fidesz-Christian Democrat majority makes the decisions on taxes, there will be no tax hikes or property taxes, and the measures supporting families will stay in place.

To protect families and boost the economy, Tallai said the government is introducing personal income tax (PIT) exemption for mothers of four, reducing VAT for commercial accommodations to 5 percent from 18 percent and will simplify the contributions to be paid after employees, among other measures.