The government has decided on the details of the family tax refund, Finance Minister Mihály Varga announced this morning in a video uploaded to his social media page.
He said: the reimbursement goes to all parents with children who are entitled to family allowance. If both parents in the family have a registered job, then the personal income tax is returned to both of them.
He added that the tax refund is also available to entrepreneurs if they have children . In this way, the range of eligible individuals is increased by individual entrepreneurs, primary agricultural producers, real estate landlords, katás and ekhós taxpayers.
Self-employed entrepreneurs raising children can thus get back one quarter of their itemized tax for 2021, while tax payers with an income can get back two-thirds of the 15 percent tax they paid. The upper limit of the repayment is the annual tax content of the average wage.
The minister reminded: the condition of the family tax refund is that the growth of the Hungarian economy reaches 5.5 percent this year. According to their current calculations, this will be fulfilled. "If we continue the measures to help the restart, the growth of the Hungarian economy could even reach 7 percent or even exceed it," said the minister. This means that 1,900,000 parents will be reimbursed a total of HUF 600 billion. This is the biggest tax discount for families of all time, added Mihály Varga.
The National Tax and Customs Office will complete the repayment as early as next February.
"Hungary works, the Hungarian economy works. Hungary achieved one of the fastest economic restarts in the European Union, this is a joint success of families, businesses and the right economic policy. This success enables us to continue strengthening families with the family tax refund," said the Minister of Finance.
Source: MTI
