Ministry of Finance
News
The reduction of sovereign debt must continue
Ministry of Finance, December 12, 2019 6:00 PM
“The reduction of sovereign debt must continue, and according to plan the government wants to reduce sovereign debt to 60 percent of GDP by 2022”, Minister of Finance Mihály Varga said at a press conference in Budapest on Thursday.
The new Social Security Act simplifies the tax system and reduces public burdens
Ministry of Finance, December 11, 2019 7:00 PM
“The new Social Security Act adopted on Wednesday, which comes into force on 1 July 2020, simplifies the tax system, reduces public burdens, and helps weed out tax avoiders”, the Minister of Finance’s State Secretary for Tax Affairs Norbert Izer said at a press conference in Budapest on Wednesday.
The target deficit is achievable through continued fiscal discipline
Ministry of Finance, December 11, 2019 12:50 PM
In addition to preserving the stability of the budget, the government will continue to be able to provide resources for the realisation of various social policy goals and both domestic and EU development projects. In view of the fact that the deficit of the central subsystem of public finances was 190.9 billion forints (EUR 575.8 million) in November, this equates to 766.3 billion forints (EUR 2.31 billion) for the first eleven months of the year, which is 76.7 percent of the annual target.
Hungary will be introducing further economy protection measures at the beginning of next year
Ministry of Finance, December 6, 2019 8:00 PM
“Although we cannot talk about a recession, the rate of growth of the global economy is experiencing a slowdown. The industrial performance of our most important partner, Germany, has fallen, and accordingly the government will be introducing further economy protection measures from the beginning of next year”, Minister of Finance Mihály Varga said on Friday in Budapest at a Christmas event organised by Gránit Bank.
Hungary is calling for effective EU action against money laundering and terrorism
Ministry of Finance, December 5, 2019 6:00 PM
“Unified and effective action against money laundering and terrorism is in the common interests of every member state of the European Union, but Hungary remains against the unwarranted removal of spheres of competence from national authorities”, Minister of Finance Mihály Varga emphasised at today’s meeting of the EU’s Economic and Financial Affairs Council (ECOFIN).
Norbert Izer: New era in tax simplification and the whitening of the economy
Ministry of Finance, December 3, 2019 12:47 PM
“Parliament has voted to adopt the bill on next year’s tax changes, which will further improve the country’s competitiveness and that of its enterprises, and which will contribute to the further protection of the Hungarian economy and to improving competitiveness”, the Ministry of Finance’s State Secretary for Tax Affairs Norbert Izer said in a statement to Hungarian news agency MTI on Tuesday.
Hungary has the opportunity to join another development bank
Ministry of Finance, December 2, 2019 8:00 PM
“Hungary is ready to begin negotiations on joining the Eurasian Development Bank (EDB) as a full member”, Minister of Finance Mihály Varga announced at the financial institution’s conference in Moscow. “Joining the development bank, which currently covers six states and a market of 185 million, could mean new markets and resources for Hungarian enterprises and new investment projects for the Hungarian economy”, the Minister highlighted.
Mihály Varga signs strategic agreement with world’s largest bank
Ministry of Finance, November 27, 2019 11:00 AM
“Hungary is tightening its relations with the world’s largest bank based on assets”, Minister of Finance Mihály Varga told the press after concluding a strategic cooperation agreement with President of the Industrial and Commercial Bank of China (ICBC) Gu Shu.
Mihály Varga holds talks with Chinese Finance Minister
Ministry of Finance, November 26, 2019 3:39 PM
“Economic and financial relations between Hungary and China are increasingly strong and rest on secure foundations, and opportunities for cooperation will also open within a host of new fields in future”, Mihály Varga said following talks with Chinese Minster of Finance Liu Kun in Beijing. The Hungarian Finance Minister drew attention to the fact that this was the first Hungarian-Chinese finance ministers’ meeting since the 1990 regime change. During the meeting, it was stated that more Chinese banks are preparing to establish their regional centres in Budapest.
Hungary moves up thirty places in the World Bank’s tax rankings thanks to the government’s tax cuts
Ministry of Finance, November 26, 2019 11:09 AM
“Hungary has moved up thirty places compared to last year in the World Bank’s Paying Taxes rankings, meaning it is now in 56th place. The improvement is predominantly the result of the government’s policy of reducing taxes, the major decrease in administrative burdens, and the tax office’s increasingly efficient monitoring practices”, State Secretary for Tax Affairs Norbert Izer said in a statement to Hungarian news agency MTI.