Hungary Overturns Flat Tax, Imposes Levy Above $964 Per Month
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Hungary will raise taxes on gross monthly incomes above 202,000 forint ($964) a month, overturning a flat 16 percent personal income tax rate Prime Minister Viktor Orban introduced this year.
The government is imposing a “temporary contribution” on higher earners in order to compensate those who end up earning less because of the flat tax, the Economy Ministry said in an e-mailed statement today. The tax will be in effect as long as the 16 percent flat tax rate leaves people worse off.