Fiscal council receives background information from ministry

Banking

Hungary's National Economy Ministry has sent the required background information and calculations about the 2013 budget to the Fiscal Council, secretary of the council Dániel Csomós told MTI on Tuesday.

The documents sent mostly include calculations on how the impact of the government job protection plan would be balanced by state revenues. Chairman of the council Árpád Kovács consulted with state secretary in charge of budget at the ministry György Naszvadi and deputy state secretary Benő Péter, MTI learned.

The council is expected to form an opinion early September. In a resolution dated July 16, the Fiscal Council requested supplemental information as well as impact studies on the effects of amendments proposed to the 2013 budget bill and of the new tax laws from the economy minister.

The Council stated it has to issue a new opinion on the bill which has materially changed between June 15, when first submitted to parliament, and July 12, when parliament approved its key figures.

The Fiscal Council specifically mentioned in the July 16 resolution the amendments made to the financial transaction duty which was extended to the National Bank of Hungary and to the Treasury, and the planned introduction of a unified low tax for small companies and other specific corporate and payroll tax reductions which all target saving workplaces as parts of a HUF 300 billion job protection plan announced early July.

It also noted that the amended budget bill foresees extra revenue of more than half percent of GDP from efficiency improvements to tax collection without detailing the underlying measures.

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