MNB puts fiscal revenue, expenditure under targets in 2016 budget

Telco

The National Bank of Hungary (MNB) projected next yearʼs budget revenue and expenditures to come in at HUF 38 bln and HUF 22 bln under the respective targets in a report published on Friday.

In the biannual Public Finance Report, the MNB projects revenue will be HUF 54 bln under the target, mainly because it addresses the governmentʼs expected HUF 60 bln in additional revenue from a road haulage tracking system, recently introduced to combat VAT fraud, with "caution".

The report puts revenue from corporate profit tax at HUF 23 bln under the target and revenue from personal income tax at HUF 22 bln under the target in the budget act. The MNB repeated, as it said in an assessment of the 2016 budget bill, that it does not count any of the HUF 133 bln in revenue targeted "from other asset sales and utilization" because the source of the revenue is "not supported" in the budget act.

The MNB is counting on HUF 22 bln more than targeted from "other taxes and payments" as well as HUF 17 bln more in excise tax and HUF 17 bln more from financial transactions duty. On the expenditure side of next yearʼs budget, the MNB projects that spending excluding interest costs will be HUF 107 bln under the target, but just HUF 22 bln under the target including such costs.

It puts co-financing for European Union-funded projects at HUF 57 bln under the target and central budget reserves at HUF 70 bln under the target, assuming the cancellation of the National Protection Fund, according to the report.

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