The Hungarian Parliament is considering a draft bill submitted on 22 March 2021 that provides for the introduction of new progressive individual income tax rates. This includes the replacement of the 15% flat tax rate with the following progressive brackets/rates:
- up to HUF 2.0088 million - 0%
- over HUF 2.0088 million up to 6 million - 12%
- over HUF 6 million - 25%
In addition to the progressive rates, the draft bill also provides for a social security contribution rate of 17%. As drafted, …