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PM: Hungary must maintain tax independence

Prime Minister Viktor Orbán told leaders of the European Roundtable of Industrialists during a meeting on Wednesday that Hungary must preserve its tax independence in order to improve the country's competitiveness, the prime minister's spokesman, Péter Szijjártó, said.

Orbán told corporate leaders from the informal group of CEOs and chairmen of 45 major Europe-based multinational companies that tax independence is absolutely necessary because the recent tax cuts, introduction of a proportional (flat rate) taxation system and tax simplification offer Hungary a competitive advantage.

National Development Minister György Matolcsy also spoke to the organization on Wednesday, telling those assembled that the government has introduced measures designed to increase production as a means of creating jobs.

Matolcsy noted that in 2011 Hungary's government budget-deficit would be under 3% of GDP for the first time since Hungary joined the European Union in 2004.

Chairman-CEO Zsolt Hernádi of Hungarian oil and gas company MOL and Austrian energy company OMV CEO Wolfgang Ruttenstorfer are the only leaders of companies in the central and eastern European region who are members of the European Roundtable of Industrialists.