Hungarian Government Plans Substantial Tax Cuts Starting 2009

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Hungarian Government Plans Substantial Tax Cuts Starting 2009

The government plans substantial tax and contribution reductions from 2009, The budapest Business journal informs, citing Finance Minister János Veres, who spoke at press conference in Nyíregyháza (northeast-Hungary) on Friday.

The necessary resources to cover the substantial changes will come from further reductions in budget expenditures, the restructuring of the tax system, the narrowing of tax preferences and more measures to crack down on the shadow economy, Veres said.

Many proposals have been made, and these are being examined by the cabinet. The final proposals will be put to economic and social players at the end of August, he said.

In the spring, there was still room to make Ft 250 billion in tax and contribution cuts, but a rise in government securities yields resulting from the rejection of key government reforms in a referendum in March wiped out Ft 120 billion of this amount, Veres said. The government is working on ways to make up for this loss and perhaps make room again for the Ft 250 billion in tax cuts, he added.

Veres confirmed the Finance Ministry would present the 2009 budget to Parliament on September 30. The budget will contain a deficit target of at most 3.2% of GDP.

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