The NGM investigates the possible effects of the VAT reduction

The Ministry of National Economy (NGM) is examining the financial and real economic impact of the reduction of the value added tax (VAT), but the primary goal is to make the personal income tax single-digit – the ministry informed MTI on Wednesday.

Varga Mihály Minister of National Economy (NGM) at a professional event on last Friday said that the government plans to introduce a single-digit personal income tax in the current cycle, while the value added tax (VAT) may also decreased lower from 27 percent.

The Ministry of National Economy (NGM) – in its reply sent to MTI’s question about the matter – told that the minister, at the 16th Financial Summit organized by the Business Leaders Forum “said only assumptions, and made no promises for tax changes.” (MTI)