Hungary Gets It...Invites Growth
Hungary: PM Proposes Tax Changes
June 8, 2010
A tax overhaul was introduced to the Hungarian parliament by Prime Minister Viktor Orban in Budapest on June 8, Hungary’s Portfolio reported. Orban said the plan would simplify taxes and “create a new economic system.” The plan includes a flat personal income tax for families, a reduced corporate tax rate from 19 percent to 10 percent for companies making less than 500 million forint (about $2.1 million) annually and a single-bracket personal income tax rate of 16 percent, all of which will go into effect during the next two years. Hungarian State Secretary Mihaly Varga said Hungary will meet with the International Monetary Fund and the European Union in August about the proposed changes, but the government wants the IMF to know of its plans now, Reuters reported June 8.
Sadly the doofuses at the IMF just might squelch such a sensible plan.
June 8, 2010
A tax overhaul was introduced to the Hungarian parliament by Prime Minister Viktor Orban in Budapest on June 8, Hungary’s Portfolio reported. Orban said the plan would simplify taxes and “create a new economic system.” The plan includes a flat personal income tax for families, a reduced corporate tax rate from 19 percent to 10 percent for companies making less than 500 million forint (about $2.1 million) annually and a single-bracket personal income tax rate of 16 percent, all of which will go into effect during the next two years. Hungarian State Secretary Mihaly Varga said Hungary will meet with the International Monetary Fund and the European Union in August about the proposed changes, but the government wants the IMF to know of its plans now, Reuters reported June 8.
Sadly the doofuses at the IMF just might squelch such a sensible plan.
posted by Donny Baseball at 12:04 PM
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