Hungary finance minister announces 2022 tax cuts

Finance Minister Mihaly Varga on Tuesday announced measures to cut and streamline taxes next year that the government will soon propose to lawmakers. In a video message posted on Facebook, Varga said the payroll tax would be reduced to 15 percent from next July, while the vocational training contribution would be rolled into the payroll tax - with no impact on tax preferences - resulting in a two-percentage-point drop in the tax on labour.