Hungarian Finance Minister Mihály Varga reportedly announced on 11 May 2021 the government's plans to provide tax cuts on payroll by eliminating the existing vocational training contribution and providing a further reduction in the social security contribution (social tax) to 15.0%, which would apply from July 2022. The vocational training contribution is currently 1.5% and the social tax is 15.5% (i.e., a combined reduction of 2.0% will be provided). Both taxes are paid by employers on gross…