The minimum wage could be HUF 266,800 (EUR 707), and the guaranteed minimum HUF 326,000 (EUR 864).Continue reading
One and a half million people have already registered for the NAV’s (National Tax and Customs Administration) online invoicing system, debuting on July 1 2018. Around 1.3 million registered have already provided data. The extra revenue generated from this has been used for years to cover the government’s tax cuts.
A cornerstone of the government’s economic strategy, the online invoicing system aligns with the objective of whitening the economy. Norbert Izer, the State Secretary for Tax Affairs, emphasized its impact on enhancing tax payment discipline and benefiting law-abiding businesses, contributing to the generation of hundreds of billions of forints.
Despite the challenges posed by global uncertainties,
the government remains committed to its tax reduction policy,
citing the correlation between reduced taxes, economic growth, increased employment, and wages. The focus on cutting taxes on labor persists as part of the broader strategy to achieve economic growth by 2024.
The positive outcomes attributed to the online invoicing system reflect the government’s multifaceted efforts to whiten the economy and enhance tax consciousness.
This includes tailored sanctions against tax evasion and a substantial improvement in tax morale.
State Secretary Izer highlighted the affirmation of these positive trends by the European Commission’s recent study on VAT estimation. He concluded by underscoring the collective impact of various economic improvement measures, such as online cash registers, electronic road freight control, and online invoicing, contributing approximately
HUF 4,000 billion (EUR 10.5 B) in additional revenue to the budget
between 2010 and 2021. This substantial sum has significantly covered the tax cuts implemented during this period.