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Govt sees budget deficit ease below HUF 600 bln by 2013

Hungary's government plans to slash the country's budget deficit of HUF 1.18 trillion (€4.5 billion) this year to HUF 606.4 billion next year and HUF 594.2 billion by 2013, according to a government decree published in the latest issue of the official gazette Magyar Közlöny.

The cash-flow figures exclude local councils.

Budget revenues will increase by HUF 251 billion or 1.9% next year and a further HUF 270 billion or 2% in 2013, according to the decree.

As a result of planned tax cuts, businesses are expected to pay HUF 30.8 billion less tax in 2012 than this year and a further HUF 192.2 billion less in 2013.

At the same time, revenues from taxes on consumption  are to grow by HUF 105.8 billion next year and another HUF 175 billion in 2013.

Revenues from individuals, including personal income tax payments, will increase by HUF 86 billion in 2012 and by another HUF 56.4 billion in 2013.

Budget expenses will grow by 1.2% in 2012 and by 1.8% in 2013.