Hungarian government to give families โฌ 1.7 billion worth of tax rebates?
Finance Minister Mihรกly Varga revealed details of tax rebates for parents raising children in a video message posted on Facebook on Friday.
Varga said the rebates to be paid early next year would go to all parents eligible for family benefits. If both parents in the family are registered with an employer, they will both get the personal income tax rebate, he added.
Parents who earn their incomes as sole proprietors, subsistence farmers and landlords, or who pay the Itemised Tax for Small Businesses (KATA) or the Simplified Contribution to Public Revenues (ekho), will also be eligible for a tax rebate, he said.
KATA taxpayers will get a 25 percent rebate, while ekho taxpayers will get two-thirds of the 15 percent they pay back, he added. The rebates are limited to the tax paid on income up to the average wage.
Some 1,900,000 parents are expected to get 600 billion forints (โฌ 1.7 billion) in rebates under the government measure, conditional on GDP growth reaching 5.5 percent this year.
PM Orbรกn: Government policy geared towards supporting, protecting families
Meanwhile, addressing an annual meeting of economists in Budapest on Friday, Varga said Hungary’s GDP growth could reach 7-7.5 percent this year.
Hungary’s economy has reached pre-pandemic levels of performance and the pace of growth is expected to continue in the coming period, Varga said.
Varga said Hungary’s budget deficit projected at 7.5 percent of GDP this year would be “average” among EU member states, adding that government measures to jump-start the economy are supporting businesses and families to the tune of more than 13,000 billion forints (โฌ 37.15 billion) in 2021 and 2022.
Credit rating agencies have acknowledged Hungary’s performance and the government’s economic policy, he said, adding that positive feedback is expected from Moody’s at a scheduled review late on Friday.
He said government spending would be “restrained” and efforts made to keep the public debt on a declining path.
Read alsoFormer US Vice President Pence praised the Hungarian government’s vision on family policy
Source: MTI
please make a donation here
Hot news
Fuel prices in Hungary set to soar as government plans new tax hike on gas stations
Hungary calls for stronger nation-state sovereignty in the EU, rejects treaty changes for political power shift
All Saintsโ Day and clock change: Changes to Budapest transport timetables
National Bank of Hungary: Maintaining banks’ strong capital position ‘pivotal
Top Hungary news: magnificent castles, new flights to Budapest Airport, 15th-century sword and change in bottle redemption system โ 28 October, 2024
Orbรกn cabinet: Ill-advised policies jeopardising European Union’s existence
1 Comment
Thanks for the money, but I’m still not voting for you next year.