Hungary Income Tax Rates for 2014
Hungary Income Tax Brackets
|Tax Bracket (yearly earnings)||Tax Rate (%)|
|Ft0 - Ft1,900,000||18.00%|
|Ft1,900,000 and up||36.00%|
Hungary has a bracketed income tax system with two income tax brackets, ranging from a low of 18.00% for those earning under Ft1,900,000 to a high of 36.00% for those earning more then Ft1,900,000 a year.
How does the Hungary Income Tax compare to the rest of the world?
Out of the thirty four countries tracked, sixteen have a higher maximum income tax rate then Hungary. Countries with similar tax brackets include Luxembourg with a maximum tax bracket of 38.00%, Japan with a maximum tax bracket of 40.00% and Chile with a maximum tax bracket of 40.00%. Keep in mind that our ranking measures only nationwide income taxes, and does not account for local income taxes at state, province, or municipal levels.
|Maximum Income Tax||Income Tax Allowance||World Tax Rank|
|36.00%||Ft0 ($0 USD)||17th of 34|
What is the Hungary Income Tax?
Hungary's personal income tax is a bracketed income tax that must be paid yearly by all citizens to the government of Hungary. Failure to pay, or underpayment of, the Hungary income tax can result in high fees, fines, or jail time.
In addition to Hungary's income tax, other taxes may apply to wages or profits earned, including social services, medical care, and capital gains taxes.
Hungary Income Tax Allowance
Hungary provides most taxpayers with an income tax allowance of Ft0, which can be kept as a tax-free personal allowance. Hungary's tax credit is a
A tax credit is a fixed amount of money that may be kept by taxpayers without paying any income taxes. Generally, a tax credit is subtracted from your gross income before your taxable income is calculated.
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