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Hungary: Surányi on tax reform

Banking

Tax reform is possible without risking social security in Hungary, said former central bank (MNB) governor György Surányi in the Hungarian public television (MTV) on Sunday.

The government should reduce expenditures by 1%-2% in the next five years, he said, but a cut of social expenditures by Ft 2,500 billion suggested by some experts is a “clear nightmare”, and is highly overestimated. The current tax system could be reformed by shifting the tax burden from production towards consumption, e.g. by raising VAT, he stated. On the introduction of the euro, Surányi said it has both pros and cons, and not only the nominal convergence, i.e. the fulfillment of the Maastricht criteria has relevance, but the real convergence, the decrease of the production gap between the more developed western countries and Hungary is also to be considered. (Gazdasági Rádió)

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