General gov’t surplus HUF 59.3 bln in year to November, ministry confirms
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Hungaryʼs cash flow-based general government surplus, excluding local councils, reached HUF 59.3 billion in the first eleven months of 2016, the Ministry for National Economy confirmed in a second reading of data released today, according to Hungarian news agency MTI.
The eleven-month surplus this year compares to a HUF 970.7 bln deficit figure over the same period of 2015. In November 2016 alone, the general government ran a HUF 2 bln surplus.
The surplus for the month of November was mainly the result of the settlement of the "asphalt case," the ministry added. The ministry earlier said that the October budget position did not include the HUF 176 bln funding retroactively due to Hungary from the EU after resolving a dispute over earlier road construction tenders.
Fresh figures show that income from the subsequent reimbursement of EU funds was HUF 343 bln this year until November, compared to HUF 16 bln last year.
The central budget ran a HUF 10.9 bln deficit in the first eleven months of 2016, while the social insurance fund had a HUF 8.9 bln deficit. The separate state funds had a surplus of HUF 79.1 bln.
The ministry attributed the general government surplus for the first eleven months to favorable economic developments, the whitening of the economy, higher tax revenues and financing from the European Union.
Total revenue for January-November 2016 was HUF 15.709 trillion and expenditure was HUF 15.650 tln, compared to respective figures of HUF 17.497 tln and HUF 18.734 tln for January-November 2015.
Corporate tax income in January-November was HUF 518.5 bln, up by HUF 201.7 bln compared to the first eleven months of 2015.
Income from value-added tax totaled HUF 2.947 tln, up by HUF 16.3 bln. Income from excise tax was HUF 919.3 bln, also up by around HUF 12.2 bln.
Income from financial transaction tax was down HUF 9 bln at HUF 182.1 bln, while income from the special bank levy was down to HUF 55.14 bln, from HUF 112.4 bln earlier.
Revenue from personal income taxes stood at HUF 1.554 tln, up by HUF 19 bln compared to last year on the net effects of higher wage spending and lower tax rates.
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