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Hungary to stick to tax plan despite EU Criticism

Hungary will stick to a plan to cut taxes, even as the European Union may criticize the country for failing to cut its budget shortfall, Finance Minister János Veres said in an interview with the weekly Figyelő. Backing down from the plan would hurt Hungary's competitiveness more than a critical EU report, Veres said, according to Figyelő. The government still wants to adopt the euro in 2010 and will keep reducing the deficit in 2007 and 2008, the minister said in the interview. The European Commission will reprimand Hungary for ``proving to be inadequate'' in cutting the deficit, according to a draft ruling obtained by Bloomberg News. The country's government plans to cut taxes by Ft 1 trillion through 2010.