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Index – Economy – Mihaly Varga: The government insists on a policy of reducing taxes

Index – Economy – Mihaly Varga: The government insists on a policy of reducing taxes

At the ceremony, the Prime Minister confirmed that Hungary had achieved one of the largest economic whitewashing operations in the European Union, and the value-added tax rate decreased from 22.3 to 4.4 percent, and the tax deduction rate in proportion to the gross domestic product decreased from 40 to 35 percent. percent.

The total amount of tax paid by the 10 largest taxpayers is HUF 1,400 billion, which in current terms means a 20 percent increase compared to HUF 400 billion 22 years ago.

– explained Mihaly Varga, who also said that after the change of government in 2010, the “national government” transformed the tax system in a way that encouraged production. The Minister of Finance emphasized that Hungary's tax reduction policy is internationally recognized today, and last year our country was already in 11th place in the tax competitiveness ranking among OECD countries.

Speaking about further economic whitening measures, Mihaly Varga explained: Between 2010 and 2021, the introduction of online cash registers, the EKÁER system that controls the flow of goods, and the NAV online invoice system could generate additional revenues of HUF 4,000 billion. For the year 2018. The Ministry’s announcement stated that the budget.

The Minister also noted that Hungary currently has the lowest corporate tax rate in Europe, i.e. 9 percent, the personal income tax rate has been cut by more than half, and employer taxes have been reduced from 33.5 to 13 percent. The minister reminded:

The 2016 tax cut and wage increase agreement ensures the continued increase of the minimum wage and the guaranteed minimum wage to this day. Thanks to the IRS' transformation, NAV now prepares tax returns for more than 5 million individuals each year, he said.

Last year, the top 10 taxpayers in Hungary were: Audi Hungaria Zrt., K&H Bank Zrt., Magyar Telekom Nyrt., MBH Bank Nyrt., MOL Nyrt., OTP Bank Nyrt., Raiffeisen Bank Zrt., Gedeon Richter Nyrt. ., Szerencsejáték Zrt., and UniCredit Bank Zrt.