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Gov't tax changes to reduce tax wedge to 46% from 54%

The government's tax changes will reduce the tax wedge in Hungary to 46% from 54% by 2010, Finance Minister Péter Oszkó said at a conference.

“The tax changes, started this year and to continue in the next, are without parallel in the last twenty years,” Oszkó said.

Structural changes the government is carrying out will reduce pension spending to 10.5% of GDP by 2010 and to 8.5% by 2015.

The government does not want to set a date for joining the eurozone, rather it wants to take the necessary steps to meet the conditions for adopting the single currency, thus winning back investor confidence. (MTI – Econews)