July 29, 2010
From January 2011, Hungary will gradually introduce a single-rate personal income tax – Hungary’s PM Viktor Orban said in a TV interview on Monday.
Although the single-rate tax may take years to be fully adopted, it is meant to be a crucial pillar of a future tax regime, destined to make Hungary the most competitive economy of the CEE region. Speaking of the new bank levy (a point of friction during recent talks wit the IMF and the EU), Mr Orban repeated that the tax was necessary for Hungary to meet its commitment towards a 3.8pct deficit target by the end of the year.
