Hungary also provides favorable taxation

Based on an international survey, Hungary also provides favorable taxation

The Tax Foundation again examined the tax regulations of 38 countries this year. According to the ranking prepared based on the International Tax Competitiveness Index, the most favorable tax conditions this year are again provided by Estonia, Latvia and New Zealand, while Hungary ranked seventh overall, ahead of the United Kingdom, Poland and France.

The Tax Foundation, a supranational independent tax policy research organization that has been active since 1937 and is headquartered in Washington, D.C. The primary objective of the organization is to identify tax policy trends and to place the tax systems of countries under a comprehensive, unified examination. Every year, the so-called International Tax Competitiveness Index is prepared, which puts the tax systems of the participating countries in competition. In the participating states, corporate income tax, personal income tax, consumption taxes, wealth taxes and international tax rules, i.e. the taxation of income earned abroad, were examined. Based on these criteria, Hungary achieved a upscale ranking  this year and was among the 10 countries offering the most favourable taxation. If we look at the individual sub-areas, Hungary it ranks 4th in corporate tax, 5th in personal income tax and 3rd in international taxation.

Minister of Finance Mihály Varga highlighted that Hungary has been ranked third in the international tax environment, fourth in corporate tax rate and fifth in the field of taxation of individuals, and will continue to pursue a policy of tax reduction in the future.

prepared by Company Assistant Service Kft.