Hungary’s New Tax Structure

The Finance Minister of Hungary, Gyorgy Matolcsy has announced a new plan of levying taxes. New areas have been identified on which taxes will be imposed. Online gambling is one such field. Along with online gambling, taxes on cigarette and alcohol will also increase. The Finance Minister proposed that the plan is to levy taxes on areas which are not considered to be too important in life. Gyorgy Matolcsy also announced that, unnecessary expenditures will be ceased by the country completely.

Hungary has been experiencing a budget deficit. Quite a few measures have been planned to increase the country’s revenue. With the implementation of the new set of measures, the government hopes to reduce its present public debt significantly.

Gyorgy Matolcsy’s financial plan is supported by Viktor Orban, the Prime Minister of Hungary. Taxes have also been levied on sugary, salty and fatty foods. These taxes are expected to add about €70 million to the treasury of the Hungary government. Gambling is one of the many areas where the country has revised the tax structure.

Matolcsy declared that in addition to other gambling venues, the government also plans to introduce tax on online betting the next year. A parliamentary committee will look into the matter.