A tax bill for 2010 has been approved by Hungary's Parliament. The IMF has resultantly released the next instalment of loan agreed in October. The total loan value is USD15.7bn.
The main premise of the new bill is to begin a shift of the burden of taxation from business to individuals. Business will enjoy a cut in social security contributions. There will also be an increase in the VAT rate, and a new property tax.
The Hungarian economy is expected to contract by over 6% this year. Gordon Bajnai is being credited with making the tough choices that his predecessor could not. The recently implemented austerity measures are widely thought to be putting the Hungarian economy back on the right track.
A comprehensive report in our Intelligence Report series dealing with the issues raised by international property investment, and the possible taxation implications raised by such purchases, with an account of the likely (and some less obvious) potential countries for your consideration, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report15.asp
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