As the Minister for National Economy pointed out, in the drafting of the 2018 Budget they were aiming to earmark more funding for each sector than in 2017. In an interview for political daily Magyar Idők, Mihály Varga also said that upcoming parliamentary elections would not influence the drafting of the budget.

He stressed that it would not be an “election time budget”, but it does not mean that people and enterprises may not benefit from the achievements resulting from economic policy measures.

It is the Government’s priority to help everybody “take one step ahead” year after year, and that attitude was reflected in the budgets of recent years, he said.

The Minister singled out the tax allowance for parents with two children, and the fact that payroll taxes are set to be reduced as of 2018. Expenditures are to be covered by extra revenues generated by higher economic growth and prudent management of public finances, but the diminishing weight of the black economy is also another positive factor.

The introduction of on-line cash registers and the EKÁER (Electronic Public Road Trade Control System) has hitherto brought in HUF 200-300bn per year, and next year an on-line billing regime is to be introduced, through which the accounting systems of enterprises can send key company data to the tax authority.

(Ministry for National Economy)