Finance Minister Mihály Varga said the economic cabinet has decided on HUF 750 billion (2.044 billion euros) of tax cuts, with payroll taxes to be reduced further.
In a Facebook post over the weekend, the minister said social security contributions will be reduced by 2.5 percentage points from January 1, the vocational training contribution will be abolished, the small business tax rate will be cut to 10 percent and the local business tax relief for SMEs will be extended so these companies will again pay a maximum of 1 percent tax next year. The total amount of the tax cuts this year and in 2022 will reach HUF 2,000 billion, he said.
Photo credit: Facebook/Varga Mihály