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Parliament approves raises to 2017 budget expenditure, revenue

Parliament yesterday voted to raise the revenue and expenditure targets of the 2017 budget by HUF 436.4 billion, according to Hungarian news agency MTI. Lawmakers approved the amendments with 127 ayes and 62 nays.

The amendments raise the revenue and expenditure targets to HUF 17.867 trillion and HUF 19.034 tln, respectively, leaving the cashflow-based deficit unchanged at HUF 1.166 tln.

The amendments top up fiscal reserves for "extraordinary government measures" by HUF 30 bln to HUF 140 bln. They also add HUF 35.9 bln to the National Protection Fund, bringing it to HUF 95.9 bln.

Expenditures of the National Development Ministry were raised by HUF 76.6 bln. 

On the revenue side, corporate tax is set to bring in HUF 127.8 bln less, generating HUF 606.9 bln, while revenue from sales of state-owned farmland will reach HUF 167.9 bln, well over the original target of HUF 5.5 bln. VAT revenue is expected to be HUF 53.6 bln higher at HUF 2.528 tln.