Revenue from new taxes, VAT, excise duty remains under pro rata target

Telco

Central budget revenue from the financial transactions duty introduced this year as well as from several other new taxes remained under the pro rata target in the first four months, detailed budget data published by the National Economy Ministry on Wednesday showed. Several of the shortfalls was expected. Many of the main traditional revenue sources, however, including VAT and excise duty also continued to generate less revenue than their respective pro rata targets. Personal income tax was an exception, generating slightly more than one-third of the annual goal. Central budget revenue on the whole reached 28.7% of the annual plan and expenditure was 32.5% of the yearly target, near the pro-rata figure. Revenue from the financial transaction duty, introduced this year and paid first in February, totaled HUF 38.8 billion in January-April, just 12.9% of the HUF 301 billion annual target.

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