Faster growth impossible without budget reform - Bokros
An acceleration of Hungary’s economic growth is unimaginable without a broad reaching budget reform, head of the Central European University Lajos Bokros, who authored an austerity package as finance minister in the 90s, told a conference in Budapest on Tuesday.
General government budget should be reduced from 50% of GDP to 40%, he said. The tax base should be broadened and the exemption from personal income tax for minimum wage earners as well as the revenue-based Local Business Tax should be scrapped, Bokros also said. He said the 20% corporate tax -- the 16% corporate tax and the 4% “solidarity” tax combined -- is not too high. (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.