Ministry of Finance
News
In focus of new law on the rules of taxation: assistance for taxpayers and simpler procedures
Ministry of Finance, July 31, 2017 4:11 PM
A draft version of the new law on the rules of taxation has been published and the Ministry for National Economy is awaiting constructive comments to the bill. Hungary’s tax authority, the National Tax and Customs Administration (NAV), offers a new service, enterprise mentoring, for new companies. The draft also stipulates that tax inspectors must close revisions within 365 days, and the amount of tax fine is halved.
10 billion forint job-creation programme for SMEs
Ministry of Finance, July 28, 2017 11:22 AM
“The Ministry for National Economy will be launching a 10 billion forint (EUR 32.7 M) open tender to fund job-creation investment projects by micro-, small- and medium-sized enterprises, beginning on 1 August”, Minister for National Economy Mihály Varga announced in a statement to Hungarian news agency MTI.
Retail sales growth trend in place for almost four years now
Ministry of Finance, July 24, 2017 12:15 PM
The volume of retail sales grew dynamically, by 6 percent year-on-year, in the month of May 2017. Thus, the sector has been expanding for 47 months in a row.
Finance ministers discussed tax evasion and bad loans
Ministry of Finance, July 12, 2017 2:39 PM
Hungary fully endorses the EU’s efforts targeting tax evasion; however, the Government of Hungary recommends the European Commission’s recently presented draft to be reconsidered, as this would eventually lead to disproportionate administrative burdens for enterprises, Minister for National Economy Mihály Varga said at the latest Ecofin session in Brussels. The finance ministers of EU countries have also discussed a report of non-performing loans. The proportion of so-called bad loans has been declining in Hungary, thanks among others to the phasing-out of forex loans, the Minister noted.
Industrial sector output rose by almost 9 percent in March 2017
Ministry of Finance, July 12, 2017 1:26 PM
In May 2017 and in the initial five months of 2017, the industrial sector posted output growth of 8.8 percent and 5.7 percent, respectively, compared to the corresponding period of the previous year. Thus, Hungarian data have beaten corresponding EU averages. Since January 2010, the sector’s output has been up by 33.8 percent, and since the beginning of 2014 it has increased by 17.2 percent in Hungary.
Larger amount of EU-project disbursements and housing subsidies caused state budget deficit to rise in June 2017
Ministry of Finance, July 6, 2017 2:12 PM
As a result of the pre-financing of the rising number of EU-funded projects, interest payments and housing subsidies, the central sub sector of the state budget accumulated a deficit of HUF 911.2bn in the first half of the year. The deficit is line with prior projections, and the ESA deficit target of 2.4 percent is set to be attained by year-end.
Primary labour market saw job growth of above 100 thousand
Ministry of Finance, June 28, 2017 12:35 PM
According to data from March-May 2017, the number of private sector jobs increased by 108 thousand year-on-year, while the number of people employed under the public work scheme and of people working abroad declined by 22 thousand and 8 thousand, respectively, year-on-year. The number of jobless people fell by 48 thousand, to 203 thousand, thus the unemployment rate edged down to 4.4 percent as a result of a 59-month downward trend.
Mihály Varga met with USHBC delegation headed by President Eric Stewart
Ministry of Finance, June 28, 2017 11:38 AM
Minister for National Economy Mihály Varga received in his office a delegation from the US-Hungary Business Council (USHBC).
Global OECD forum in Budapest: seeking escape routes out of a low-growth trap
Ministry of Finance, June 26, 2017 4:22 PM
OECD Secretary General Angel Gurría opened the 3rd Global Forum on Productivity organized by the Organization for Economic Cooperation and Development in Budapest with a keynote speech on the importance of enhancing SME productivity within global value chains. In the introductory remarks delivered at the opening of a high-level policy panel on the first day of the event, Minister for National Economy Mihály Varga analysed productivity challenges which the Hungarian economy is facing and pro-competitiveness measures the country has implemented or plans to introduce.
Management of public finances to safeguard economic growth
Ministry of Finance, June 22, 2017 1:15 PM
The continuous development and efficiency-focused updating of the control mechanisms of public finances is a prerequisite of stable public finance management, Minister of State for Public Finances Péter Benő Banai said at the opening ceremony of the Public Internal Control Conference initiated by the European Commission’s Directorate-General for Budget in Budapest.