Hungary’s Minister for National Economy has told journalists that the country’s new tax bill for 2014 was drafted with the goals of easing the financial burden on families, improving the business environment, cutting red tape, and improving economic transparency, and that its measures will stimulate investment and facilitate employment, Tax News reports.

Tax News said, Mihály Varga explained that the rate and conditions of the bank tax will remain the same, and he highlighted an amendment to the corporate tax act stipulating that companies will not be obliged to undertake self-revisions in the case of minor tax calculation errors.

As regards families, Varga drew attention to an extension of the family tax allowance that he said would benefit around 260,000 low-income families, and to a duty exemption for asset transfer between married spouses. He also noted a proposal to help financially troubled families by making debt payments remitted to a bank tax-exempt, even if the loan is not secured by a home mortgage. Credit institutions will also be relieved of an obligation to calculate income from preferential interest rates as taxable income.

Tax News said, first-time home buyers will be able to request a 12-month postponement on property duty payments without incurring extra charges, and residential land of one hectare or less will be exempt from land tax if it is under cultivation.



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