Hungarian Finance Minister Presents Tax Bill to Parliament
- 31 Oct 2024 7:42 PM
A tax bill submitted by the Finance Ministry to parliament on Wednesday would double tax preferences for families with children, extend the preferential VAT rate for home purchases and phase out some taxes on businesses.
In a statement, the ministry said tax cuts, support for families and businesses, and streamlining the tax system with the aim of ensuring tax compliance are the focus of the government's tax policy.
The bill would double the tax preference for families with children in two steps. From July 1, 2025, the monthly tax preference for families with children would rise to HUF 15,000 for one child, to HUF 30,000 for two children and to HUF 49,500 for three children and each additional child.
From January 1, 2026, the preference would rise to HUF 20,000 for one child, to HUF 40,000 for two children and to HUF 66,000 for three children and each additional child.
The bills would extend the 5pc preferential VAT rate on home purchases for two years until the end of 2030. It would also allow Hungarians to tap their savings in pension funds for home purchases and renovations during the 2025 calendar year.
The bill would allow up to half of balances on SZEP voucher card accounts to be used for home-related expenditures.
The bill would phase out sectoral taxes on airlines, pharmaceutical companies and telecommunications companies from the end of 2024.
Source:
MTI - The Hungarian News Agency, founded in 1881.
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