Hungarian families received HUF 1550bn more in the years 2011-2017 from tax allowances, Minister for National Economy Mihály Varga told political daily Magyar Idők.

More than one million parents have each year benefited from tax incentives, and that means that about one-fourth of taxpayers are entitled to the family tax allowance, he noted.

The amount of family tax allowances deductible from personal income tax and payroll taxes may this year exceed HUF 270bn, the largest annual figure so far.

While other countries have been trying to tackle demographic problems through immigration, the Hungarian Government devotes hundreds of billions of forints to support families in having more children. The Cabinet believes financial issues must not stand in the way of having children and tax incentives also serve as a tool to stop population decline.

(Ministry for National Economy)