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Parliament approves faster track for tax changes, budget act in election years

Parliament on Tuesday approved an amendment to the general government act that shortens the minimum period between the publication of tax changes in the official gazette and the time they may come into force from 45 to 40 days in elections years.

The amendment was approved with a vote of 295 ayes and 45 nays.

Parliament also approved an amendment that pushes back the deadline for voting on the main figures of the following year's budget from November 30 to December 10 in election years.

Parliament added a paragraph to the law that requires surpluses of the national social security (health and pension) funds from earlier years to be accounted as budget revenue. Hungary's independent Fiscal Council earlier said it did not recommend approving the addition to the law as the social security funds do not operate on the same principles as companies or genuine funds, and their unspent revenues from previous years cannot not be used to cover spending in later years. (MTI Econews)