Competitiveness Council makes proposals to support recovery

Government

Mihály Varga

Image by Alexandros Michailidis / Shutterstock.com

Hungary's National Competitiveness Council, a body of business leaders and experts established to make recommendations to the government, presented a number of proposals to support the economic recovery at a meeting yesterday, Minister of Finance Mihály Varga, who chairs the meeting, said in a video message posted on Facebook. 

Among the proposals were suggestions to extend the exemption from the tourism development contribution, leaving HUF 10 billion with companies; to extend the exemption from payroll tax of top-ups of the SZÉP voucher card, which would also save companies HUF 10 bln; and to exempt business gifts and representation costs from payroll tax until the end of the year, which translates as HUF 15 bln-20 bln in support for the business sector, Varga said. 

The council also recommended tax preferences for businesses affected by the crisis, such as penalty-free deferrals and accelerated VAT refunds, he added. 

The council proposed broadening eligibility for payroll tax preferences for hiring people out of work by reducing the period the new hires had been jobless from six months to three, Varga said. The measure would leave HUF 30 bln with businesses, he added.

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