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Parliament approves higher deficit target for 2012

Parliament approved late on Monday changes to the 2011 Budget Act that raise the 2012 fiscal deficit target taking into account only internal items, that is, ones within the scope of Parliament's influence, by more than HUF 400 billion.

The amendment raises the deficit target including only internal items to HUF 5,356.1 billion from HUF 4,940.5 billion. It also lowers the target for the primary surplus, which excludes interest payments, to HUF 245.6 billion from HUF 499.6 billion for 2013.

Parliament's Audit and Budget Committee, which submitted the amendment, cited extraordinary taxes levied on several business sectors, the estimated number of mandatory private pension fund members returning to the state pillar and changes to fiscal notions for 2012 and 2013 as reasons for the changes. (MTI-ECONEWS)