Association opposes ministry’s planned tax watchdog

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Hungaryʼs National Association of Tax Consultants and Accountants yesterday expressed its opposition to the National Economy Ministryʼs plans to introduce a new oversight authority for accountants, tax consultants and auditors, according to Hungarian news agency MTI.

Association head László Zara said that setting up such a watchdog would only increase bureaucracy, according to MTI.

Hungary’s National Economy Ministry confirmed reports yesterday that it is planning to establish a new oversight authority for accountants, tax consultants and auditors as of July. The ministry said that regulations governing the authority would be set with the involvement of representatives of the affected financial institutions, MTI reported.

This comes a little more than a week after Cabinet Chief János Lázár proposed cutting staff at state administration bodies by as much as 15%, with the aim of reducing bureaucracy to improve competitiveness.

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