Faster growth impossible without budget reform - Bokros

Banking

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)

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