- 3 Dec 2018 8:31 AM
- Hungary Matters
The data show Hungary’s tax-to-GDP ratio fell to 38.4% from 39.3% in 2016 while the average ratio increased to 40.2% from 39.9% in the European Union.
With the lowering of the corporate tax rate to 9% in 2017, Hungary not only became more attractive to international investors, but also left a total of 150 billion forints with more than 580,000 domestic businesses, Izer said.
The government’s tax policy focuses on cutting taxes and simplifying tax administration and the tax cuts will continue, he said.
Hungary will be able to retain its excellent position in the EU ranking, Izer said, adding that the government aims to halve the time businesses spend on tax-related administration by 2021.