Parliament Adopts Law on PIT Exemption for Under-25's
Lawmakers on Wednesday passed legislation which exempts the income of Hungarians under the age of 25 from personal income tax. Under the law adopted with 166 votes in favour and one against, people under 25 will not have to pay PIT for wages below the gross average wage. The measure will cost the budget 130-150 billion forints (EUR 357m-413m) annually. In January, Prime Minister Viktor Orbán announced that from 2022 onwards, young Hungarians under the age of 25 will not have to pay personal income tax. According to the Central Statistical Office (KSH), in next January, around 270,000 youngst...
Source: hungarytoday.hu