ADVERTISEMENT

Gov't may introduce property tax

Banking

Prime Minister Ferenc Gyurcsány's government is sticking to its plan to cut the country's budget deficit and may adopt a property tax. “I don't see a chance for softening,” Veres said at a press conference in Budapest today. “It is very important for this series of measures to work.” Gyurcsány last month unveiled plans to raise taxes, increase regulated prices and cut the size of government bureaucracy to reduce the European Union's largest budget deficit. The proposals, which face a parliamentary vote today, are designed to help slash the country's shortfall to a third by 2008 to qualify for euro adoption two years later. Trade unions have protested the measures, and staged demonstrations over the weekend urging the government to revoke some of the planned measures. Veres said while the government won't give up its budget goals, it's open to negotiations to fine-tune the plan. Hungary won't need to propose new tax measures this year to reach its budget goal, Veres said. The only possible proposal may be the introduction of a new property tax from 2008, he said. They are not planning to introduce anymore tax packages this fall for 2007. This year’s cuts would sum up about Ft 170 billion, this amount would reach Ft 500 billion next year. This year government increases its incomes 50% and reduces spendings 50%, next year these rates would be 60% and 40%.(Bloomberg, MTI)

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.