New Tax Laws Submitted to Parliament in Hungary
- 7 Jun 2023 8:24 AM
- Hungary Matters
The government on Tuesday submitted its draft laws on taxes for next year to parliament, with the national assembly expected to vote on the proposals before its summer recess, the finance ministry said in a statement.
In its statement, the ministry quoted the government as pledging to maintain “pro-family” taxation with “Europe’s lowest” personal income tax, family tax benefits, tax exemptions for young people under 25 and mothers under 30, as well as low VAT on basic food products.
In 2024, families will benefit from over 3,300 billion forints (EUR 8.9bn) in family assistance and tax reductions, the statement said.
Despite a difficult situation, the government is planning for further tax reductions next year, including more benefits for employers of people with disabilities, less red tape and simpler vehicle tax regulations, the ministry said.
The excise tax, however, will be raised to the European Union minimum, the statement said, adding that the government “has been risking European infringement procedures for years” by keeping the excise tax at a lower level.
According to the proposal, the “green tax” for airline companies will be maintained, with cuts for “less polluting” aircraft, the statement said.
The proposed tax laws will “provide a good basis for next year’s budget aimed at protecting families, pensions, jobs, the utility price cap programme, as well as Hungary’s security”, the ministry said in its statement.
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