The time immediately ahead, when the new government is in the process of finalizing its policies is surely the best time for businesses to make their suggestions to change the Hungarian economy. The new Swiss Business Day, organized by Swisscham Hungary featured among its guests László Botos, (who, it is rumored, will get an important position in the incoming government) to discuss the largest problems: regulation, taxation, bureaucracy, corruption, education and job creation. Swisscham also invited five of its prominent members, Novartis Hungária, Alpiq Csepel, Sika Hungária, Phoenix Mechano and Zultzer as panelists for a discussion on everyday issues and their proposals to solve them.
They came up with seven key suggestions for the incoming government.
The panelists’ suggestions:
• in-depth regulatory reform; start a complete redrafting of (upholdable) laws instead of continuous amendments
• eliminate the local business tax, place more emphasis on taxing profits
• SMEs and multinational companies should be allowed to use different accounting methods
• reducing payroll burdens is even more important than lowering the personal income tax
• the minimum wage is too low, it supports the shadow economy; it should be taxed at a low percentage while eliminating related tax refunds and in-kind benefits
• revising the social security system: it is time to choose between a tax-like or an insurance structure (because the state is no longer able to cover the expenses)
• introducing a monetary policy that protects the Hungarian market
Left to right: Tamás Szoják of Novartis Hungária, Johanna Kruchina of Sika Hungária, Gábor Briglovics of Alpiq Csepel, Nagy Zoltán of Phoenix Mechano and János Prodán of Zultzer, moderator István Béres, president of Swisscham Hungary