The Hungarian parliament on Monday voted for a series of modifications to tax measures contained in the 2004 budget proposals, the Finance Ministry revealed in a statement this week.
Consequently, capital gains tax will now not be raised to 25% from its present level of 20%. Another amendment means that 25% of the amount paid by businesses in the much maligned local tax will be deductible from corporate tax payments.
In addition, as part of an agreement between the ruling socialist party and junior coalition partner the Alliance of Free Democrats (SZDSZ), a fourth personal income tax bracket that would have kicked in on incomes above HUF5 million ($22,330)at a level of 40%, is to be scrapped.
In another measure, pension contributions will have to be paid on the first HUF5.09 million of annual income. These are currently only payable on the first HUF3.91 million.
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