Hungaryʼs 2015 budget to be modified with deficit left unchanged
Parliamentʼs fiscal committee proposes that this yearʼs central budget should be increased by HUF 25 bln on both the revenue and expenditure sides to finance the governmentʼs Modern Cities program, leaving the deficit unchanged, according to an amendment published on the Parliamentʼs website yesterday.
The HUF 25 bln revenue increase comprises two items, with VAT revenue rising HUF 12 bln and excise tax revenue rising HUF 13 bln, amending the total revenue side to HUF 16.446 trillion.
The expenditure side, also increased by HUF 25 bln, will be amended to HUF 17.338 trillion. The deficit will remain unchanged at HUF 892.4 bln.
The government plans to finance developments under contracts it signed with the 23 cities with county rights under the Modern Cities program.
The current proposal, tabled by the parliamentary budget committee, is attached to a proposed budget amendment already before parliament that would double the allocation for managing the migrant crisis to HUF 60 bln, by raising the allocation for "extraordinary government expenditures" by HUF 60 bln to HUF 160 bln. The latter bill would also cover the additional funding by raising the target for VAT revenue (by HUF 36 bln) and the target for revenue from excise tax (by HUF 25 bln).
January-September VAT revenue was slightly under, while excise duty revenue was well over the respective pro-rata full-year targets, the detailed nine-month budget report for the period, released today, showed.
ADVERTISEMENT
Drought-hit Farmers Get Compensation
Parliament Negates Mandatory Membership in MOK
Wizz Air Adds More Flights to Summer Timetable
Service Restarted on Full Length of Metro Line M3
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
