EcoMin names reduction in bureaucracy costs important goal

Banking

It should be an important goal to reduce the cost of bureaucracy for businesses by Ft 750-800 billion, Minister of National Development and Economy Gordon Bajnai said at an event organized by the Hungarian Association of Industrialists and Employers (MGYOSZ) on Wednesday.

The cost of bureaucracy should be reduced along with a reduction in payroll tax and employee contributions, Bajnai said. Hungary’s high payroll taxes, together with its low rate of workforce participation, are the biggest obstacles to faster economic growth, he added. Hungary should target to prop up GDP growth to 5% annually, exceeding the EU average by at least two percentage points, Bajnai said.

The size of a planned reduction of payroll taxes could be discussed only after figures of the first-half economic performance were known, Bajnai said. Any reduction in the tax can be only with keeping fiscal balance in mind, he added. Starting in the second half of the year, the government will establish a forum of economic players that will meet every 4-6 weeks to provide feedback on government plans that affect them, Bajnai said. (MTI-Econews)

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