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PM Viktor Orban plans a flat 16% personal income tax next year after cutting the corporate tax to10% for small companies to encourage job growth. All this while increasing temporary levies on banking, energy, retail and telecommunication industries and trimming state bureaucracy.
But Hungary's Fiscal Council predicts that it won't be enough to fill the budget gaps... which will increase by 200 billion forint ($1 billion) in 2012 and as much as 700 billion forint from 2013.
