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Dec 15, 2017

Increased tax revenues signal economic growth

András Tállai, minister of State for Parliamentary Affairs and Taxation, said that up until December 13th 2017, state tax revenues totaled 12,000 billion HUF (38.7 billion euros) this year, up by some 5 percent compared to the same period last year

Tax revenues received by Hungary’s Treasury have increased by 5 percent in just one year, signalling healthy economic growth.

According to kormany.hu, tax revenues have increased by 547 billion HUF year-on-year despite the fact that tax reductions had left some 860 billion HUF at families and enterprises this year.

András Tállai, minister of State for Parliamentary Affairs and Taxation, said that up until December 13th 2017, state tax revenues totalled 12,000 billion HUF (38.7 billion euros) this year, up by some 5 percent compared to the same period last year.

He added that the online system for filing returns for personal income tax (“e-PIT”) has made a successful debut this year and by 2021 the majority of tax returns of PIT are expected to be prepared by NAV.

Tállai said that the diminishing size of the shadow economy, growing economic output, improving taxpayer morale and the NAV’s customer-oriented attitude have boosted fiscal revenues despite the fact that this year’s tax reductions had left some 860 HUF at taxpayers.

He said tax controls were carried out in a supportive manner. Encouraging a law-abiding attitude has proven to have a positive effect on tax revenues, he added.