Hungarian PM announces new economic rescue package

Orban announced tax cut plans and pledged the streamlining of the tax system. He said his government plans to cut corporate tax from 19 to 10 percent, raising its profit ceiling from 50 million to 500 million forints. The government also plan the introduction of family taxation and a 16 percent flat personal income tax, within the next two years.

Orban said new government would introduce a new banking tax in the next three years. The government expects to raise the central budget tax revenue from banks from 13 billion forints to 200 billion forints; Kazinform cites Xinhua.

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