The Hungarian tax system has received further international recognition, as Hungary has moved up to seventh place in the EY tax competitiveness ranking, Hungarian Finance Minister Mihály Varga announced on his Facebook page on Thursday.
The minister said that Hungary had also overtaken countries such as Germany, Austria and the United States of America in the ranking of the international tax consultancy. In their report, they highlighted that Hungary has the lowest corporate tax rate among the Organization for Economic Cooperation and Development (OECD) countries, and the 15 percent flat-rate personal income tax was also seen as a strength, the minister added.
Mihály Varga stressed that this is the second recognition for the Hungarian tax system this month.
Last week, Eurostat announced that Hungary had been ranked first in the EU’s tax reduction ranking.
Hungary has improved its tax burden to 34 percent of GDP in 2021, compared to an EU average of 42 percent.
The government has cut employer taxes by HUF 600 billion (EUR 1.4 billion) this year and will further reduce tax administration next year, which could further improve Hungary’s competitiveness and boost investment flows to Hungary, Varga wrote on his social media page.
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