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The 2022 budget is devoted to relaunching Hungary's economy, finance minister Mihály Varga said during a presentation of the draft budget on Wednesday. ....
EC Raises Hungary 2021 GDP Growth Forecast The projection was raised from 4.0 percent in the EC’s winter forecast released in February. The government submitted the 2022 budget draft on Tuesday with the plan to reduce the budget deficit to 5.9% of the GDP in the 2022 election year from the expected 7.5% in 2021. But it has come under heavy fire both from the Fiscal Council and the Central Bank of Hungary for the insufficient reduction […]Continue reading Hungary’s government puts 2021 GDP growth at 4.3 percent. The EC’s fresh projection for average GDP growth for the European Union is 4.2 percent. The EC augurs Hungary’s economy will expand by 5.5 percent in 2022. ....
Finance Minister Announces 2022 Tax Cuts Finance Minister Mihály Varga on Tuesday announced measures to cut and streamline taxes next year that the government will soon propose to lawmakers. In a video message posted on his Facebook page, Varga said the payroll tax would be reduced to 15 percent from next July, while the vocational training contribution would be rolled into the payroll tax – with no impact on tax preferences – resulting in a two-percentage-point drop in the tax on labour. At present, the payroll tax is 15.5 percent and the vocational training contribution is 1.5 percent. Varga said the changes would save businesses 250 billion forints (EUR 690m) a year. He said the proposed legislation would make it easier for sole proprietors to opt for flat-rate or lump-sum tax forms, as eligibility thresholds are raised to ten times the annual minimum wage, or 50 times the annual minimum wage for retail activities. ....
Finance Minister: Looser Fiscal Policy Affords Flexibility The Orbán government’s raised budget deficit targets for the coming years, prompted by the continuously changing global environment and the drawn out recovery of capacities, afford flexibility, Finance Minister Mihály Varga said in an interview with business portal Portfolio.hu published on Monday. Asked to explain the government’s motivation for raising its deficit targets in the coming years, Varga pointed to the global context of the pandemic. “For one thing, the international environment is constantly changing. Nobody thought that another wave of infections would follow the second one. Because of that, the recovery of capacities will be a slower process. That was what prompted the Hungarian government to rethink possible scenarios,” Varga told the portal. ....
Opposition Párbeszéd has criticised the government’s 2022 draft budget, calling it an “election budget” that would benefit “the usual contractors” involved in investment projects rather than the Hungarian people. “The government is carrying on with its habit of flooding the entire country with cement if it has just to guarantee contracts for its own construction companies,” Sándor Burány, Párbeszéd’s deputy group leader, told an online press conference. Burány added that it was “pointless” to submit next year’s draft budget this early given the uncertainty around the pandemic. He said it was also clear that the government would be incapable of meeting many of its targets, including its 3 percent inflation target. ....