The study analyzes the impact of corporate tax reduction in 2010, the personal income tax reform in 2011-2012 and the introduction of bank tax in Hungary. The impact of corporate tax rate reduction to 10 % up to HUF 500 million tax base is mainly due to micro, small and medium-sized companies. In 2011, a somewhat smaller decline in revenue than anticipated suggests that tax relief has improved the willingness to pay taxes. The transformation of the personal income tax system with the complete withdrawal of tax credit, resulted in an unparalleled conservative linear tax system in regional comparison. In addition, it has led to a substantial increase in the wage costs at a significant portion of the corporate sector, particularly at companies in difficulty, as well as the way in which the tax credit was withdrawn and the related compensatory measures, which have entered into force retrospectively, greatly affected the plannability of the business year of 2012. The introduction of a bank tax was likely to have an adverse effect on the ability of banks to lend, but the rise in lending appears to have been hampered by bank losses related to early repayment and continued low demand for loans.