Hungary's economy minister submits bill on govt economic measures.

By bne IntelliNews December 6, 2011
Hungary's National Economy Minister Gyorgy Matolcsy has tabled for discussion in Parliament a bill that will compile several governments measures into a new base law, which would be amended only with a qualified two-thirds majority, MTI news agency reported. Among the economic measures that will be included in the law is the introduction of a flat rate personal income tax as of January 2013 and a flat-rate corporate tax two years later. Under the law will be guaranteed that pensions will not be lowered in real terms, taxes will not be levied or abolished with retroactive effect and any tax legislation change will come into effect from January 1 of the next calendar year. The periods for discussion of any tax changes, before their implementation will also be stipulated in the law.
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