Hungary Finance Ministry alters spending

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Hungary will not be able to meet some of its spending targets this year, Tamás Katona, administrative secretary of state at the Finance Ministry told a press conference on Tuesday. The ministry has made corrections in its projections for drug spending and pension payments, he added. The estimate for interest expenditures was also lifted to HUF 902 billion from HUF 822.4 billion.

Detailed revenue and spending targets revealed today already include the planned impact of measures (tax hikes) in the austerity package that was announced by PM Ferenc Gyurcsány on 10 June, Katona confirmed. Accordingly, this year's VAT revenue plan was raised to HUF 1,185 billion from HUF 1,791 billion, the target for business tax revenues (including the “solidarity tax") was lifted to HUF 454.3 billion from HUF 392.4 billion, while the ministry reduced its corporate tax revenue from HUF 455 billion estimate to HUF 445 billion.

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