Official: Strong economy facilitates further tax cuts

Hungary's "strong economy, increasing employment and wages" ensure higher budget revenues, which, in return, offer opportunities for further tax cuts, Norbert Izer, state secretary at the finance ministry, told a press conference on Thursday. Izer said that the national economy's growth was backed by tax cuts, adding that the programme could be continued as the central budget has "stable and predictable foundations". Concerning details, the official said that companies' social contributions would be reduced from the current 17.5 percent to 15.5 percent in July or October this year. The social contribution tax was reduced from 27 percent to 17.5 percent in July 2019.