Veres warns unions against proposals endangering deficit target

Banking

Finance Minister János Veres warned unions and employers on Friday against any proposals which would raise the fiscal deficit in 2007 over the targeted 6.8% of GDP or require the state to dip into Ft 200 billion of budget reserves.

Veres said the tax laws for 2007 could no longer be changed, but an ad hoc committee will accept proposals for a tax and contribution system after next year. The system should boost competitiveness, discourage black marketeering and serve the best interests of both employers and employees, he said. Veres noted that unions and business anticipated the economy would grow at a faster clip in 2007 than the 2.2% projected in the budget. He also warned against suggestions on how to use the resulting additional tax revenue. (Mti-Eco)

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.

Support the BBJ

Finance