High-tech companies ask for tax breaks even if tax cuts are delayed

Pharma

The head of Hungary's Association of IT Businesses (IVSz) has urged the government to introduce some kind of tax break for the country's high-tech companies despite an expected delay in tax cuts passed by parliament as part of a five-year tax program.

IVSz chairman Zoltán Kovács, speaking at an IT event, said small- and medium-sized high-tech companies would be unable to wait out the one- or two-year delay, which is the result of the government's new-found impetus to reduce the budget deficit. He noted that biotech and infocommunications companies, together with carmakers, account for about 18% of Hungary's exports, and they will create many of the new jobs in the next 5-10 years. Hungary's high-tech companies are losing their competitive edge in the region because of high taxes, he said.

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