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Hungaryʼs 2015 budget to be modified with deficit left unchanged

Telco

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.

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