Finance Minister Varga: Artificial Intelligence to Bring a New Era in Taxation [Video]

At the Tax Administration European Union Summit in Budapest, Finance Minister Mihály Varga highlighted Hungary’s achievements in creating one of the world’s most competitive tax systems, serving as a foundation for future economic growth.

Minister Varga emphasized that artificial intelligence will play a key role in revolutionizing taxation, opening a new era in the field.

Since 2010, Hungary has implemented substantial tax reforms, drastically reducing taxes on labor and corporate taxes, making Hungary one of the most competitive tax jurisdictions globally. According to the Finance Minister, “the national government has built economic policy, including tax policy, on cooperation with economic operators and on valuing work.”

Tax revenues and real incomes have seen significant growth, and Hungary now ranks seventh out of 38 OECD countries in tax competitiveness.

As a result of these reforms, Hungary has reduced its tax burden from 40% to below 35% of GDP, one of the best …