Hungary's 2027 Budget Plan Includes Tax Relief for Lower Income Individuals Along with a New Wealth Tax and Increased Taxation of High Revenue Companies

The Hungarian government has announced the presentation of the draft 2027 budget plans in parliament, including several tax measures. This includes:

• A reduction in the personal income tax rate to 9% on income up to the minimum wage, along with a reduction in the tax rate for income below HUF 680,000 based on a sliding/tiered scale, with the largest reduction targeted at lower-wage earners;
• The doubling of the family allowance, the extension of the tax-free allowance (exemption) for individu…