Economy ministry mulls payroll tax reduction
Budapest, August 15 (MTI) – Hungary’s economy ministry is weighing a possible reduction in payroll taxes, the head of the portfolio said in Monday’s issue of daily Magyar IdÅ‘k.
“Payroll taxes [in Hungary] are higher than the European Union average, which could put the country at a competitive disadvantage,” Mihály Varga told the paper.
“On this basis, it appears that deliberation on a reduction in payroll taxes is inevitable,” he added.
Varga conceded that the government has “less room to manoeuvre” when it comes to payroll taxes as the revenue they generate must cover healthcare and pension expenditures.
“We’ve balanced the healthcare and pension funds only after years of hard work….It would be a mistake to endanger this balance,” he added.
National business association VOSZ said later on Monday that they would support a proposal to lower payroll taxes.
Source: MTI/Magyar Idők
please make a donation here
Hot news
What happened today in Hungary? — 7 September, 2024
Spotted in Király Street: Woody Harrelson charms Budapest with his humour
INTERVIEW – Diplomatic insights: Pakistan’s Ambassador discusses trade, education, and bilateral relations between Pakistan and Hungary
Quietly closing: Dozens of Hungarian post offices shut down across the country
Hungary to boost cooperation with Kuwait
China considers building an aviation hub at Budapest Airport