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GOVT OFFICIAL: 2020 BUDGET TO BRING HUF 80 BN TAX REDUCTIONS - PAPER

 

Next year’s budget, which parliament accepted on Friday, will bring a total of 80 billion forints (EUR 245.5m) in tax reductions, a state secretary of the finance ministry told the daily Magyar Nemzet. In an interview published in the daily on Saturday, András Tállai said taxpayers’ administrative burdens will also be significantly reduced in 2020. The ruling parties were again “basically left to their own devices” to create a tax system supporting families and economic growth, Tállai added. “The country’s economic indicators are soaring, quality of life is rising, entrepreneurship is easier and easier. It is hard to grasp why the left-liberal opposition insists on mulling tax hikes and austerity,” he added.
As long as the ruling Fidesz-Christian Democrat majority makes the decisions on taxes, there will be no tax hikes or property taxes, and the measures supporting families will stay in place, he said. To protect families and boost the economy, Tállai said the government is introducing personal income tax (PIT) exemption for mothers of four or more children, reducing VAT for commercial accommodations to 5% from 18% and will simplify the contributions to be paid after employees, among other measures.