The Hungarian Economic Ministry is examining the possibility of abolishing local business taxes, aware that the unpopular levy may be driving foreign investors to rival jurisdictions in Central and Eastern Europe.
Government minister Istvan Csillag informed reporters this week that the tax regimes of neighbouring countries, particularly Slovakia’s new 19% flat income tax system, are being studied to discover if any lessons can be learned on how to improve the domestic tax regime.
Noting that firms can already write off 25% of the cost of local business tax (levied at between 0% and 2%) against corporate tax, Csillag said that the government is considering developing this tax break further.
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