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Ministry outlines first phase of package to reduce burden of bureaucracy

The National Economy Ministry on Thursday outlined details of the first phase of a programme that will reduce the cost of state bureaucracy for companies by HUF 500 billion.

As it was expected after Wednesday’s announcements, the first phase of the plan involves simplifying the way companies pay taxes, eliminating mandatory auditing for smaller companies, harmonising data services and registries, fleshing out the practice of fining companies and reducing payroll administration.

National Economy Minister György Matolcsy announced the plan to cut the burden of bureaucracy on companies by HUF 500 billion on Wednesday.