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Finance Minister says tax cuts are final

Finance Minister János Veres stood by the country's decision to cut taxes, threatening to widen the budget deficit further and prompt further European Union criticism. Hungarian lawmakers yesterday agreed to cut taxes, part of a five-year, Ft 1,000 billion ($4.7 billion) reduction plan, rejecting EU demands the government delay them.
Hungary, which needs to trim the budget shortfall by half to adopt the euro, will probably miss its deficit-cutting goal next year, EU Monetary Affairs Commissioner Joaquin Almunia said in a Oct. 20 European Commission report. EU finance ministers, meeting in Brussels today, probably will stand behind the report. “Next year's tax cuts are done, that's set,” Veres said in an interview as he arrived for the meeting in Brussels. “For the future, I can't say anything. We'll see what happens when we get there. I expect the ministers to support the commission report,” he said.