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Online cash registers increase tax revenues by HUF 50 bln

Analysis

Hungarian daily Magyar Nemzet, which carries government friendly news, today reported that the introduction of cash registers in shops directly linked to the Hungarian Tax and Customs Authority (NAV) helped increase the central budget's VAT revenues by approximately HUF 50 bln.

Citing informators from the Economy Ministry, the paper said that in the first three quarters of this year "in areas earlier characterised by illegal trade" 15% more VAT was paid than in the same period last year.

The paper added, however, that a more dynamic economy, the government's scheme to cut utilities prices, and the accounting of higher real wages also contributed to the increase.

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