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Tensions over Hungary's finances will ease in Oct, says EcoMin official

Tensions on money markets concerning Hungary's finances are expected to ease in October, and this will have a positive impact on the forint-Swiss franc exchange rate, András Kármán, State Secretary of the Economy Ministry, said in an interview with Wednesday's Magyar Nemzet.

Kármán said that the government planned to reveal the main points of next year's budget in October, and the measures outlined would cease uncertainty about Hungary on the markets.

Speaking about the HUF 200 billion bank levy, he insisted that the tax would not endanger financial institutions.

Kármán said that the government intended to adopt a flat 16% tax in 2013 as part of a family tax system. He said that on January 1 of that year taxpayers could expect the burden on their salaries to decline under the new arrangements.

Kármán said that tax credits are currently exceptionally generous. Besides the minimum wage being made entirely tax-free, tax on wages which exceed average earnings will be reduced. (MTI-Econews)