Financial markets increasingly acclaim the achievements of the Hungarian economy and Hungarian economic policy, Minister of State for Taxation and Financial Affairs Gábor Orbán told Hungarian public TV channel M1.
For example, he added, more and more expert recommendations predicting future trends and identifying markets of asset growth potential for investors highlight Hungary as an investment destination.
Investors active on international financial markets typically evaluate the current and the potential future economic environment of a country before taking action and they have recently become convinced that Hungary has been on the right track and business environment has improved over the past two-to-three years.
The Minister of State expressed hope that Moody’s and Fitch will in coming months weigh the option of upgrading Hungary’s credit rating as a response to favourable developments that have also prompted S&P to hike by one notch the country’s rating.
Gábor Orbán pointed out that the taxation system must also be adapted to positive changes within the economy: the country turned the corner two years ago and the economy shows surprisingly good achievements. Among the taxes concerning which substantial simplification is due soon he mentioned the advertisement tax: it may have a 5.3 percent flat tax rate, but in order to shield SMEs from incurring extra liabilities and red tape, the Ministry for National Economy is assessing the option of a tax-exempt bracket for them. As soon as all the details are in place, the amendment of the tax law will be submitted to Parliament, he stated.
(Ministry for National Economy)