Hungarian Finance Minister Csaba Laszlo presented draft tax law proposals to parliament last week after agreement was reached between the coalition partners on the funding of tax cuts.
According to the news agency Interfax, the government has submitted six tax bills including: modifications to existing tax and contributions laws; a new energy bill; a new environmental burden fee; a new car registration tax; changes to consumer price supplements; and changes to tax administration.
Already announced is a cut in corporate income tax - already one of the lowest rates in Europe - from 18% to 16%; and the new proposals contain more generous terms than those put forward in draft proposals following a September 17 government meeting. Qualification limits for investment incentives in all parts of Hungary will be lowered to HUF3 billion. Currently the level is HUF10 billion and initial proposals called for a reduction to HUF5 billion.
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