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Aug 05, 2019

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.”

Finance Ministry State Secretary András Tallai has highlighted how the Hungarian government’s tax cuts are working.

During an interview with Magyar Nemzet, Tallai said that while public burdens on businesses and households have been reduced, tax revenues have increased significantly.

According to the finance ministry’s most recent budget report, tax revenues in the first half of 2019 were 840 billion HUF (2.6bn EUR) higher than during the same period last year.

MTI points out that revenues from corporate income tax, the social contribution tax, VAT, personal income tax, excise duties and contributions came to around 6,670 billion HUF in the first six months compared with 5,830 billion HUF this time last year. VAT revenues were up by almost 400 billion HUF while PIT revenues rose by about 100 billion HUF.

The State Secretary said the 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.”

Tallai said this meant that businesses and private individuals had confidence in the government’s decisions and believed that it was worth investing and living in the country. The government has been cutting taxes for years, the economy is adding more and more jobs, wages are rising and economic indicators are “excellent”, he said.