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Economy minister submits bill cutting period for tax laws to take effect

Banking

Minister of National Economy György Matolcsy on Monday evening submitted a bill to parliament that would decrease the period of time between the enactment of legislation establishing an obligation for payment -- among them tax laws -- and the date on which the legislation comes into force to a minimum of 30 days from the current minimum of 45 days (or 40 days in election years).

Matolcsy said that the reduction of the period is necessary in order to make it possible for tax legislation to more quickly and effectively address budgetary developments in the current rapidly changing global environment.

Legislation in which the obligation for payment and the scope of those obliged to pay drops would be exempt from the proposed move.

Parliament's audit and budget committee has already cleared the bill for general debate.

The above amendment of the Public Finances Act will help the government to collect the planned HUF 10 billion additional tax revenue in the last two months of this year from another bill, containing tax measures, submitted to Parliament earlier on Monday. The tax increases are planned to fill in part of a HUF 100 billion "hole" in this year's budget because of lower-than -expected-growth.

The bill proposes raising the taxes on gambling and the excise duty on alcohol, cigarettes and diesel fuel. The government expects the measures to bring in additional revenue of HUF 10 billion this year and HUF 50 billion-60 billion next year.

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