On 17 June 2015, the Hungarian National Assembly approved the tax measures included in the 2016 Budget. The main measures include: The individual income tax rate will be reduced from 16% to 15%; The bank tax rate on the adjusted balance sheet total exceeding HUG 50 billion will be reduced from 0.53% to 0.31% in 2016 and further reduced to 0.21% in 2017; The VAT rate on foodstuff will be reduced, beginning with a reduction in the rate on pork from 27% to 5%; and A growth tax credit will be introduced for reinvested earnings The changes generally apply from...