Business association supports PM's economic plan, wants more tax cuts

Banking

The board of the Hungarian Association of Industrialists and Employers (MGyOSz) welcomes certain elements of an economic stimulus package proposed by the prime minister last week, but taxes could be reduced faster if the resulting loss in revenue was matched by budget expenditure cuts, MGyOSz said.

MGyOSz 's board, which discussed the program earlier, stressed the importance of proposals to set up a safety fund to cover the Ft 300 billion in tax cuts in the first year of the program as well as to simplify the tax system. They voiced their support for plans to develop vocational training and organize a crackdown on the shadow economy, which would generate revenue to cover the tax cuts.

Prime Minister Ferenc Gyurcsány conceded the proposals are a compromise between stimulating economic growth and ensuring social security and the healthy operation of the state while maintaining the budget balance. The proposals would give employees Ft 80,000 per year in payroll tax savings. (MTI – Econews)

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.

Support the BBJ

Finance