Hungary's 2016 Budget Submitted to Parliament

On 13 May 2015, the Hungarian government submitted the 2016 Budget Bill to parliament. The main features of the Bill include:

• No new taxes or increases;
• The individual income tax rate will be reduced from 16% to 15%;
• The bank tax rate will be reduced from 0.53% to 0.31% in 2016 and further reduced to 0.21% in 2017;
• The VAT rate on foodstuff will be reduced, beginning with a reduction in the rate on pork from 27% to 5%; and
• Fees and duties payable for several public utilities provided by stat…