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Finance Minister Details Tax Rebates for Parents Raising Children

Finance Minister Details Tax Rebates for Parents Raising Children
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Lőrinc Mészáros Declared Richest Hungarian Generating Harsh Reaction from Opposition

The Prime Minister's fast-emerging, childhood friend Lőrinc Mészáros has become the richest Hungarian. Both Orbán and the opposition commented on the list.

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Orbán: Low-earning Parents Could Reclaim 2021 PIT if Economic Growth Reaches 5 5%

Orbán: Low-earning Parents Could Reclaim 2021 PIT if Economic Growth Reaches 5.5% Monetary policy is set to shift towards a more hawkish stance as early as June, with a possible hike in the base rate, György Matolcsy, the governor of the National Bank of Hungary (MNB), told a conference on Wednesday. Meanwhile, the Prime Minister spoke of further tax cuts for SMEs and families and a potential hike of the minimum wage. A persistent rise in inflation would endanger the recovery, he said. The Hungarian economy can withstand a rate hike, the governor said, adding that given the risk to the economy posed by inflation, the Monetary Council is compelled to raise interest rates.

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State Secy: Hungary Cryptocurrency Provisions Could Serve as Model

State Secy: Hungary Cryptocurrency Provisions Could Serve as Model The Hungarian government’s proposed legislation regulating capital gains from cryptocurrencies and taxing them at a rate of 15 percent could serve as a paradigm for other policy makers as well as boost budget revenue, tax affairs state secretary Norbert Izer said in Thursday’s issue of daily Magyar Nemzet. The government submitted a bill to lawmakers on Tuesday that would reduce the tax on capital gains from cryptocurrencies from 30.5 percent to 15 percent. Finance Minister Mihály Varga said the measure could generate “several billion forints” of budget revenue. Izer told Magyar Nemzet that provisions in the bill would establish a regulatory framework for the clear determination of capital gains on cryptocurrency that is mined or used in transactions.

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Finance Minister Announces 2022 Tax Cuts

Finance Minister Announces 2022 Tax Cuts Finance Minister Mihály Varga on Tuesday announced measures to cut and streamline taxes next year that the government will soon propose to lawmakers. In a video message posted on his Facebook page, Varga said the payroll tax would be reduced to 15 percent from next July, while the vocational training contribution would be rolled into the payroll tax – with no impact on tax preferences – resulting in a two-percentage-point drop in the tax on labour. At present, the payroll tax is 15.5 percent and the vocational training contribution is 1.5 percent. Varga said the changes would save businesses 250 billion forints (EUR 690m) a year. He said the proposed legislation would make it easier for sole proprietors to opt for flat-rate or lump-sum tax forms, as eligibility thresholds are raised to ten times the annual minimum wage, or 50 times the annual minimum wage for retail activities.

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