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Varga: Unexpectedly high taxes, contributions create surplus

Banking

Both tax income revenues and contributions came in higher than expected in the period of January-February, keeping the general government balance in the black, Hungary’s National Economy Minister Mihály Varga said today, according to reports.

Speaking on state-owned all news channel M1 from Brussels in the morning, the minister said that data released late yesterday showing the general government ran a cashflow-based surplus of HUF 14.8 billion for January-February was unprecedented, Hungarian news agency MTI reported. 

He noted that higher revenue from personal income tax, corporate tax and VAT was a result of the government crackdown on tax evasion as well as wage rises late last year and early in 2016, according to MTI.

The minister added that the Hungarian government is planning a balanced budget for the next year.

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