Hungary Advocates Broader Definition for SMEs - Ministry

EU

Image by Shuttestock.com

National Economy Minister Marton Nagy and Hungarian Chamber of Commerce and Industry (MKIK) head László Parragh agreed at a meeting on Monday that updating the European Union's definition of small and medium-sized enterprises could boost competitiveness, the ministry said in a statement, according to news agency MTI.

Maximum headcount for SMEs in the definition, which has been in force since 2005, could rise from 250 to 500, while the annual revenue threshold could increase from EUR 50 million to EUR 100 mln, the ministry said.

Improving competitiveness will be among the priorities of Hungary's presidency of the Council of the European Union in the second half of the year, the ministry noted.

Modifying the definition could expand the range of Hungarian businesses eligible for support, it added.

HBLF Recognizes Diverse and Fair Workplaces Analysis

HBLF Recognizes Diverse and Fair Workplaces

KDNP Pulls out of EPP After Tisza Joins Elections

KDNP Pulls out of EPP After Tisza Joins

Uni of Miskolc, CATL Debrecen Sign Cooperation Agreement Deals

Uni of Miskolc, CATL Debrecen Sign Cooperation Agreement

Int'l Travelers to Europe Prioritize Safety, Quality This Su... Tourism

Int'l Travelers to Europe Prioritize Safety, Quality This Su...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.