Hungarian Prime Minister Ferenc Gyurcsany has announced that the government’s previous employment tax cut proposal will undergo a revision before being put before the nation’s parliament.
According to a statement from Gyurcsany on March 11, the government plans to introduce the income tax changes retroactively from January 1, 2009, contrary to previous proposals which would have seen the changes enter into effect from July 1, 2009. Under the revised proposals the current threshold of HUF1.7m (USD9,250) will rise to HUF1.9m. The income tax at this threshold will jump from 18% to 38%. Under previous plans the lower income tax rate would have been increased to 19%, and the threshold increased to HUF2.2m.
Gyurcsany then proposes to increase the threshold to HUF3m from January 1, 2010, and to increase the lower tax rate to 19%.
A statement from the Finance Minister, Laszlo Keller, also confirmed that the proposed 3% VAT rise from 20% to 23%, will go ahead as planned from July 1, 2009.
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