A tax cut of HUF 1,000 billion is the balance of the domestic coronavirus crisis

The left gave 600 billion to the banks, raised taxes for the people and took out a 6,000 billion IMF loan

A tax cut of HUF 1,000 billion is the balance of the domestic coronavirus crisis

The performance of the Orbán government is recognized worldwide!
We recently collected how the government’s epidemic management and economic measures have been evaluated by foreign organizations, and now here’s another recognition. According to the left, Fidesz is badly governed. The world sees it differently!
👉Huge recognition: For the third year in a row, Hungary is among the 10 best investment destinations in the world, and HIPA is the best investment promotion agency in the region!
👉According to the IMF, the government has passed the exams!
👉According to Moody's, the Hungarian banking system is stable!
👉S & P classified Hungary in the category recommended for investment
👉According to the European Commission, we have handled the crisis excellently!
👉Fitch also acknowledges the effectiveness of Hungarian crisis management!
👉WHO: Hungarian healthcare performed excellently! You are the heroes of the pandemic!
👉Global Capital: Hungary is the best debt manager in the region
👉Addition: The majority is satisfied with Viktor Orbán!
👉Fresh: OECD: the Hungarian economy will soar!

In addition to the subsidies, the credit moratorium, and the restoration of the 13-month pension, the government decided to reduce taxes by about HUF 1 trillion in response to the coronavirus crisis, András Tállai said on Sunday.

The parliamentary secretary of state in the Ministry of Finance said the tax cuts introduced since March 2020 could play a significant role in relaunching the economy.

The reliefs brought in the first wave of the epidemic helped to keep the work and business of more than 360 thousand people, and left fifty billion forints among those affected. Among the first measures, the tax office canceled a four-month public charge from the tax account of a company subject to the itemized tax of more than 151 thousand low-tax companies. From March 2020, there was a significant tax relief in the sectors most exposed to the epidemic, even after the wages of the employees - said András Tállai.

In order to protect human lives and preserve jobs in the autumn phase of the pandemic, the government decided on further tax breaks from November 2020.

For seven months, the employer tax exemption was granted to actors in sectors in difficulty due to the coronavirus crisis, and their circle was also expanded this spring.
Eventually, it covered about 200,000 workers in fifty-six sectors. This year, 155,000 catas were again exempt from tax for March and April.

András Tállai also recalled that the tourism sector most exposed to the epidemic was helped by a number of tax measures.

The public burden of the Széchenyi Pihenő Card (Szép card) has been reduced by less than half (to 15 percent), while the amount that can be transferred to the card has doubled, the Secretary of State noted.

It will be of great help to families, the general public, businesses and tourism operators alike that from 25 April to the end of the year, the one million workers concerned will be able to move between the individual sub-accounts of the Szép Card, he underlined.

Hospitality professionals have been helped since November 14 by continuing to charge the lowest 5 percent VAT on food and beverage sales that are taken away or sold by home, he added.

This year, in the case of small and medium-sized enterprises (SMEs), the maximum rate of business tax has been halved to one percent, András Tállai explained, noting that this affects about 800,000 enterprises. He mentioned speeding up VAT refunds, which is a major liquidity aid for SMEs.

The 20-day VAT payment period can provide a significant competitive advantage for domestic businesses, as it is one of the fastest in the European Union. With regard to the coronavirus epidemic, the social contribution tax rate was reduced to 15.5 percent as of July 1, 2020, leaving HUF 160 billion to employers last year and HUF 300 billion this year. The reduction of the tax on labor will continue next year, as the social contribution tax will be reduced by another half percentage point from 1 July 2022, and the vocational training contribution will be abolished from that date, so the two percentage point reduction in public burden will be accompanied by significant administrative simplification. .

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Tags: Tax