Hungary Joins Call For Greater EU Cooperation On Tax Avoidance

Hungary’s Minister of State for the Utilization of EU Funds, Balázs Rákossy, has called for a more coordinated EU effort in the fight against tax evasion.

Speaking at the 13th G28 taxation forum, Rákossy noted that the recent EU report on the VAT gap revealed that EU states lost theoretical revenues worth EUR170bn (USD190bn) in 2013 from tax expenditures, avoidance, and evasion. He said that member states cannot take effective action against fiscal crimes without parallel EU-level action.

He said Hungary had made successful improvements to the nation’s tax regime in recent years, including to lower the tax burden on households and small businesses and combat the black economy. Tax revenues in Hungary last year increased by HUF650bn (USD2.3bn) compared with the year before, he said.