Hungary Will Stick to Cardinal Law on Flat Taxes, Nemzet Says

Hungary will hold on to the 16 percent flat personal income tax system and keep in place regulations requiring a two-third parliamentary majority to change the levy, Magyar Nemzet reported, citing a government official.

Neither the European Union nor the International Monetary Fund have requested that Hungary scrap regulations on the flat tax system in exchange for starting bailout negotiations, the Budapest-based daily said, citing Adam Balog, deputy state secretary at the Economy Ministry.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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