Hungary Rises to 4th Place in EU Economic Whitening Ranking
December 19, 2024
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Hungary has risen to 4th place in the EU’s economic whitening ranking, according to Finance Minister Mihály Varga, who shared the news on his Facebook page.
The unpaid VAT (Value Added Tax) rate has dropped drastically since 2010, from 22.3% to 2.3%, making Hungary’s economic whitening efforts among the most successful in Europe. This is almost four times better than the EU average of 8.3%. Minister Varga emphasized that Hungary’s tax policy, focused on tax collection rather than increases, has significantly reduced VAT evasion over the past 14 years, benefiting both businesses and taxpayers.
The biggest beneficiaries of this success are Hungary’s honest businesses, which have seen their operations thrive due to a more predictable and stable tax environment.
These efforts have been key to the country’s ongoing economic growth. By reducing taxes while improving tax collection, Hungary has created a more transparent and competitive business climate, ensuring that more people are paying less tax today.
The Hungarian government continues to prioritize economic stability through fiscal discipline and pro-business policies.
Recognition from the European Commission: Hungary has climbed to 4th place in the EU’s tax compliance ranking, achieving one of the most significant reductions in undeclared VAT across Europe, Finance Minister Mihály Varga announced.
✅ Since 2010, Hungary has cut unpaid VAT… pic.twitter.com/R1w0S48YFD
— Zoltan Kovacs (@zoltanspox) December 18, 2024
In addition to lowering VAT rates, the government has focused on measures that encourage foreign investment, streamline regulations, and support small and medium-sized enterprises. Hungary’s economy has experienced growth in sectors such as technology, export-driven industries, and manufacturing, with the government aiming to boost both domestic and international business opportunities.
This progress highlights the government’s commitment to long-term economic stability, which aims to provide a secure foundation for businesses to thrive and contribute to Hungary’s growing economic prosperity.
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