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The World

September 20, 1987

Hungary's Parliament overwhelmingly approved the first personal income tax measure and a value-added tax bill as part of a program to improve the Communist nation's faltering economy. The 385-seat Parliament passed the income tax bill with 10 votes against and 21 abstentions. The value-added tax passed with one vote against and three abstentions. The income tax bill would levy taxes of 20% to 60% on personal incomes and the value-added bill would put a 25% tax on a wide range of goods. The value-added tax is a form of indirect sales tax and is expected to provide more competitive production and to reduce consumption.

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