Crackdown on shadow economy yields up to Ft 40 bln

Issues

Hungary's budget revenue was boosted Ft 30 billion – Ft 40 billion in H1 of 2008 by a crackdown on the shadow economy, according to a report by a parliamentary committee set up to track the results of the measures.

The crackdown raised budget revenue Ft 80 billion – Ft 100 billion in 2007, the committee said in its first report.

Committee member István Fekete said the pace of the crackdown will only be sustainable if the government finds new means to deal with the problem. Lowering taxes is not enough, rather positive and negative incentives must be introduced, such as the establishment of a specialized tax court that would have the power to recover unpaid taxes more quickly, he said.

Committee member Péter Pataky said care must be taken to prevent the crackdown from having an effect other than that intended. (MTI – Econews)

 

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.