Tax changes ahead from Jan. 1

Budapest, December 31 (MTI) – Hungary faces several changes to tax laws as of Jan. 1, 2016, including a drop in personal income tax to 15 percent.

Taxpayers will save 30,000 forints (EUR 96) per year on average as a result of the personal income tax cut, according to calculations by the economy ministry.

The tax breaks for two-child families will be raised by 25 percent to 12,500 forints per month per child, raising net income in such families by 5,000 forints a month. At the same time health-care contributions will rise from 6,930 forints a month to 7,050 forints a month.

Tax authorities will offer employees whose sole income is from a single employer the chance not to file a tax return.

Source: http://mtva.hu/hu/hungary-matters