Index - Economy - Mihaly Varga: In January of this year, we reduced taxes by HUF 1,500 billion

Index – Economy – Mihaly Varga: In January of this year, we reduced taxes by HUF 1,500 billion

Finance Minister Mihaly Varga stated on his Facebook page that the government cut taxes by HUF 1,500 billion in January of this year. Instead of a video message, the politician posted a table this time titled Let the Numbers! They compared the 2009 tax situation with 2022, showing tax cuts made since 2010.

The politician’s summary includes a reduction in personal income tax and indicates that young people under 25 years of age are exempted from it, as well as mothers with four or more children. It also notes that the family tax exemption amounted to HUF 12 billion in 2009 and HUF 980 billion this year.

Corporate tax rate comparison is also part of the table, it can be seen that the value limit for government exemption has been raised to HUF 12 million in VAT this year, and the value limit in 2009 was still HUF 5 million. In addition, the summary notes that the administrative fee was HUF 0 in 2022, while in 2009 it was still HUF 2,200, and inheritance and gift fees for relatives and spouses were abolished, while in 2009 it was between 15 and 21 percent.

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