The Ministry of National Economy will go on with expanding family benefits, reducing administrative burdens in 2014 and abolishing the transaction fee for bank card payments.
Transaction fees for bank card payments as well as duties for the transfer of assets between family members will also be proposed to be eliminated, Minister of National Economy Mihály Varga stated on Tuesday, after submitting the 2014 budget draft to Parliament. He said so far the Government had tried to shift the basis of tax from income to consumption. Family tax benefits have already been broadened from 2014, when tax can be deducted not only from the personal income tax base but also from social contributions.
The package worth 45-50 billion forints (EUR 151-168 million) is expected to ease the burden on some 800,000 parents, especially those with large families, as of February next year, he emphasised. Mr Varga said that tax registration would be made paperless, administrative burdens on car registration would be reduced and the practice of paying reverse VAT for some farm products would be extended until the end of 2018. Funding in all chapters of the 2014 budget remained level or were raised compared to 2013, and there is ample buffer to offset any loss in planned revenue, Mr Varga added.
(Ministry for National Economy)
