Finance Minister: Hungary among EU countries with most progress in whitening economy
The VAT gap has fallen to 4.4% from 22% and the rate of tax deductions as a percentage of GDP has decreased to 35% from 40%.
The VAT gap has fallen to 4.4% from 22% and the rate of tax deductions as a percentage of GDP has decreased to 35% from 40%.
The step is expected to leave 200 billion forints (EUR 513.3m) with taxpayers.
In 2024, families will benefit from over 3,300 billion forints (EUR 8.9bn) in family assistance and tax reductions.
Lawmakers voted to extend the preferential VAT rate on home construction and exempt advertising companies from a sectoral tax.
Finance Minister Mihály Varga said a 5 percent preferential VAT rate for home construction which has been extended until the end of 2024 could be applicable up until December 31, 2028 provided that construction begins by 2024.
Mihály Varga, minister of Finance, said the bill will be submitted to parliament this week for properties with a final building permit obtained by November 1, 2018
The aim of the current Hungarian government is to increase domestic consumption by providing people with cheap and affordable food, and to bring more Hungarian food from a high quality, healthy environment to the family table
Government targets are unchanged from 2017 - achieving full employment, maintaining economic growth and boosting security
The Hungarian government is also planning to establish a 5G coalition sometime during the summer, which could make Hungary one of the first European centers of 5G development
Tax reductions will create the conditions for higher salaries in the private sector, to match the already evident rises seen in the public sector
Next year’s tax package will save every family 80-85,000 HUF each year
Farmers want lower taxes on all dairy products
Hungarian economy has financial means for a modern, accountable, reliable education system