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PARLT ADOPTS LAW ON PIT EXEMPTION FOR UNDER-25'S

 

Lawmakers have passed legislation which exempts the income of Hungarians under the age of 25 from personal income tax. Under the law adopted with 166 votes in favour and one against, people under 25 will not have to pay PIT for wages below the gross average wage. The measure will cost the budget 130-150 billion forints (EUR 357m-413m) annually. Also, newlyweds will be eligible for new family tax benefits after they turn 25.