tax
March 11, 2010, 10:20 CET
Tax authority's cartoon contest cancelled due to lack of tax revenues
Because Hungarian government agencies are always just a few weeks away from announcing some type of goofy public relations contest, the national tax office APEH announced that it was planning to organize a children's story and comic-writing competition where inspectors,... [read complete entry]
February 10, 2010, 09:44 CET
Pre-election tax vows not viable, Orbán says in interview
There should not be a flat tax rate, several tax rates are necessary, Fidesz chairman Viktor Orbán told TV2 on Tuesday. The opposition leader asserted that as many tax cuts as possible will be made, but said he cannot give... [read complete entry]
February 01, 2010, 09:56 CET
APEH says 1,655 businesses in arrears for more than Ft 100 million
A total of 1,655 businesses in Hungary had tax arrears of more than HUF 100m (EUR 368,919) continually over a period of 180 days at the end of 2009, while 2,955 private and privately employed individuals had arrears of more... [read complete entry]
January 27, 2010, 09:40 CET
Property tax bill ruled unconstitutional
The Constitutional Court on Tuesday struck down provisions of the wealth tax bill pertaining to a planned property tax. The Court found unanimously that the requirement for homeowners to establish the value of their property for tax purposes creates legal... [read complete entry]
January 26, 2010, 09:55 CET
Hungary's excise-tax and customs authority collects Ft 1.267 billion in 2009
Hungary's excise-tax and customs authority VP collected net HUF 1,267.3bn (EUR 4.69bn) in central-budget revenue in 2009, exceeding the organization's annual target by HUF 1bn, VP chief Janos Nagy announced on Monday. Mr Nagy said that VP had generated 15.23pc... [read complete entry]
January 25, 2010, 10:37 CET
Gov't expects asset tax to pass constitutional test
The government expects its new tax on high-value assets to pass muster with the Constitutional Court as the tax was created taking the court's earlier decisions into mind, government spokesman Domokos Szollar said on Friday. The tax is expected to... [read complete entry]
January 25, 2010, 09:58 CET
Hungary's tax office changes property tax calculator on privacy concerns
Hungary's tax authority APEH has changed its online property tax calculator after the data-protection ombudsman complained that estimating the value of a property involved providing personal data. From now on, users of the property-tax calculator need only give their personal... [read complete entry]
January 13, 2010, 11:41 CET
Problems found with APEH's new online asset tax calculator
Hungary's national tax office APEH has made a calculator available on its website which can be used to find out estimated value of any real estate in the country, reports portfolio.hu. Tests run by RSM DTM Hungary Zrt. have shown... [read complete entry]
December 10, 2009, 10:06 CET
Fidesz to establish new budget, tax system if party forms government next year
A new budget, new tax system and new employment policy will be established in Hungary next July if current opposition party Fidesz forms the country's next government, Fidesz economic policy maker Gyorgy Matolcsy told MTI on Thursday. The new government... [read complete entry]
December 02, 2009, 10:26 CET
FinMin sees tax centralization falling, real wages rising
Hungary's tax centralisation will reach 39.4pc of GDP in 2010, a decline of almost two percentage points in less than two years, and real wages will rise, Finance Minister Peter Oszko said at a press conference on Tuesday. The budget... [read complete entry]
November 27, 2009, 10:39 CET
Tax chiefs of six CEE countries meet in Hungary, mull cross-border issues
Tax payment discipline has not relaxed significantly despite the economic crisis, however, tax revenues have fallen slightly, while cross-border tax fraud has increased, participants of a meeting of the heads of six countries' tax offices said at a press conference... [read complete entry]
November 24, 2009, 09:15 CET
Fears that new rules on hiring temporary workers will backfire
A new electronic-based system for tracking temporary workers is likely to discourage legal employment rather than regularize it, writes Népszabadság. Starting in January, employers in Hungary will be obliged to electronically submit all data on temporary workers - including the... [read complete entry]
September 24, 2009, 09:41 CET
Hungarian firms to pay average of 11% of profits in corporate tax
Hungarian companies will pay on average 10.9pc of their pre-tax profit as corporate tax because of reductions in tax preferences, up from 7.4pc in 2009, business daily Napi Gazdasag said on Wednesday, citing targets in the 2010 budget bill. Although... [read complete entry]
September 01, 2009, 09:32 CET
Socialist caucus backs budget proposal
The Socialist caucus unanimously supported the government's draft budget, caucus leader Attila Mesterházy told reporters at a press briefing he held with Prime Minister Gordon Bajnai and Finance Minister Péter Oszkó in Budapest on Monday. Bajnai said the draft budget... [read complete entry]
August 26, 2009, 10:09 CET
Civil rights ombudsman challenges wealth tax in Constitutional Court
Hungary's parliamentary commissioner for civil rights Mate Szabo is contesting a wealth tax to be introduced in 2010 before the Constitutional Court, the Parliamentary Commissioner's Office told MTI on Tuesday. The legislation, signed by the President early in July, will... [read complete entry]
August 26, 2009, 09:56 CET
Government begins drafting 2010 budget
Hungary's government plans to start discussing the draft 2010 budget at a special session on September 1, Socialist officials told MTI on Tuesday. The government is expected to approve the bill on September 9 and submit it to Parliament on... [read complete entry]
August 24, 2009, 11:44 CET
Radical overhaul of social security contributions
From next year, employers will be required to pay social security contributions based on the "typical wage for the activity" - tevékenységre jellemző kereset; a term recently introduced with changes to tax laws - and not according to the minimum... [read complete entry]
July 16, 2009, 11:03 CET
PM says gov't tax measures to make Hungary's enterprises more competitive
Tax changes that will leave Hungarian companies with an extra HUF 400bn in 2010 will make them more competitive when the market turns around, Prime Minister Gordon Bajnai said while visiting a company in Ajka (NE Hungary) on Wednesday. "It... [read complete entry]
June 25, 2009, 03:53 CET
Blikk peddles "Tax Dodging for Dummies"
As if Hungarians needed any more advice on how to avoid paying taxes, Blikk last week published a handy "Tax-dodging for Dummies" diagram on its website. Actually, the emphasis is more on the dummies than the tax dodging because the... [read complete entry]
June 17, 2009, 10:09 CET
Hotels exempted from full VAT hike
The government will apply the reduced 18pc VAT rate to commercial accommodations from July 1 under a Monday agreement between the government and the parliamentary group of Hungary's governing Hungarian Socialist Party (MSZP), Istvan Ujhelyi, state secretary at the Prime... [read complete entry]
June 17, 2009, 09:36 CET
Property tax bill on second homes filed
The House Economy Committee yesterday put forward the planned property tax bill, which will be launched from next year. No tax will be due for a property under the value of Ft 30 million if the owner lives in it.... [read complete entry]
June 15, 2009, 10:48 CET
Hungarian and Romanian tax authorities sign agreement to combat fraud
Two tax authorities of Hungary and Romania on Friday signed an agreement in Szeged (S Hungary) on cooperation in fighting cross-border tax fraud, a senior Hungarian tax official told MTI. The Hungarian Tax Office's southern regional branch and the Romanian... [read complete entry]
May 14, 2009, 04:13 CET
APEH using iWiW to track tax cheats
In addition to news that the government is to tax people's wealth as well as their real-estate, we heard a rumor this morning that Hungarians were fretting about putting their holiday snaps up on popular social networking site iWiW for... [read complete entry]
January 28, 2009, 03:02 CET
APEH bad debts up Ft 300 billion
Outstanding payments to Hungary's tax authority APEH soared by Ft 300 billion (€1.05 billion) in 2008, writes Napi Gazdaság. The total of Ft 1.6 trillion is 18.5 % of the tax authority's total annual income of Ft 8.8 trillion. Much... [read complete entry]
January 14, 2009, 10:10 CET
Gyurcsány revises negative growth forecast to 2-3% in 2009
Prime Minister Ferenc Gyurcsany said on a Wednesday-morning television program that Hungary's economy is likely to contract by between 2-3pc in 2009, compared to the projected 0.9pc contraction contained in the government's 2009 budget adopted in December.... [read complete entry]
January 08, 2009, 03:14 CET
Head of Hungarian tax office lists priorities for '09
Hungarian tax office APEH will pay special attention to tax avoidance, illegal labour, computer parts traders and transfer prices in 2009, APEH president Janos Szikora told MTI.... [read complete entry]
January 05, 2009, 11:18 CET
Tax evasion rose last year despite clamp-down
In spite of ever more intensive efforts by Hungary's tax police to clamp down on dodgy business dealings, fictitious transactions in which companies "reclaim" tax after submitting a fraudulent invoice to the authorities are on the rise, said Monday's business... [read complete entry]
January 05, 2009, 11:03 CET
Job retention, lower contributions Socialist priorities for 2009
The minority governing Socialist Party's top priority in 2009 will be to help retain jobs and create new ones, the party's parliamentary group leader Ildiko Lendvai told MTI in a statement on Sunday.... [read complete entry]
November 27, 2008, 11:57 CET
Survey reveals self-contradicting attitudes toward tax evasion among Hungarians
While Hungarians generally consider themselves honest taxpayers, they suspect that half of their neighbors are fraudsters, a recent survey by Progresszív Intézet found. At the same time, the survey also revealed that the majority of the population believe that certain... [read complete entry]
November 11, 2008, 12:16 CET
Parliament passes Ft 30 billion "Robin Hood" tax on energy firms
Parliament yesterday passed the so-called Robin Hood bill, imposing an 8% tax on energy providers and traders for two years. The expected Ft 30 billion each year will be used to make block heating more cost-efficient.... [read complete entry]
November 11, 2008, 08:34 CET
Customs agents uncover €5.6 million Chinese-Hungarian tax fraud
Customs and excise authorities arrested eight people last week after uncovering a Ft 1.5 billion tax evasion scheme, spokesman Jenõ Sípos told Magyar Hírlap. Five Hungarians and three Chinese nationals were detained and taken into custody; arrest warrants were issued... [read complete entry]
November 05, 2008, 11:18 CET
Tax office APEH names and shames biggest debtors
APEH, the tax authority, has published its latest list of Hungary's 210 largest tax debtors, who owe a combined total of Ft 39.2 billion. The figure rises to Ft 69.5 billion when default interest penalties are included.... [read complete entry]
October 20, 2008, 09:30 CET
Surányi: Markets will force spending cuts if necessary
If the government fails to guarantee deep cuts to budget spending, market pressures will do the job for it, a former president of the National Bank of Hungary (NBH) told public television late on Sunday evening.... [read complete entry]
October 17, 2008, 10:39 CET
Survey finds young Hungarians unconcerned about saving for retirement
Hungarian youth are not interested in whether they will receive a pension, writes Privatbankár.hu, based on a report by the OTP Volunteer Pension Fund (OTP ÖNYP).... [read complete entry]
October 13, 2008, 03:51 CET
Government withdraws tax cut plan
The government is withdrawing proposals for next year's tax law and budget, House Speaker Katalin Szili said after an extraordinary meeting of the House Committee on Monday.... [read complete entry]
October 08, 2008, 08:30 CET
APEH sees jump in number of tax returns as economy "whitens"
Last year, 86,000 more private individuals submitted tax returns than in 2006, a result of the "whitening" economy, tax office APEH announced at a recent press conference. According to a report on Napi.hu, income from employment grew nominally by 7%,... [read complete entry]
October 06, 2008, 02:25 CET
Tax dodgers boost wealth with loans from the dead
The Dél Alföld directorate of the Hungarian tax office APEH estimates that tax payers use private loans to cover up unaccounted for income in 80% to 90% of cases, writes Gazdasásgi Rádió. Of the many loans that were found never... [read complete entry]
October 02, 2008, 10:59 CET
APEH to increase effort to collect unpaid taxes amid restructuring
Over the past year and a half, tax authority APEH has registered failures of payments against 2.5 million citizens, 776,000 of which were from this past year, reports napi.hu (subscriber only). Over a million citizens will receive notices that they... [read complete entry]
October 02, 2008, 10:00 CET
Hungarian tax authority to suspend tax registration numbers for late filers
A new tax law will allow Hungarian tax authority APEH to suspend a company's tax registration number if it does not submit a balance report by the required date, reports napi.hu. Previously, the Court of Registry was responsible for taking... [read complete entry]
September 26, 2008, 10:32 CET
Government U-turns on removing tax breaks for offshore companies
The government has backtracked on wiping out tax breaks for offshore firms, deciding at the last moment to keep the 50% relief on royalty and interest. This will help keep the 500 offshore companies currently in Hungary, and paying Ft... [read complete entry]
September 25, 2008, 12:19 CET
Real wage increase expected as food vouchers gain popularity
Real wages will grow by 6.7% this year, slightly above the rate of inflation, writes Napi.hu, based on a recent survey by Hay Group. The survey found that companies are planning to increase wages by 5.9% in 2009, while inflation... [read complete entry]
September 25, 2008, 11:39 CET
KPMG: Constantly shifting tax laws bigger problem than taxes themselves
Businesses are suffering from the regular changes to tax laws, says Tamás Mlinarik, a senior manager at KPMG, who believes uncertainty is the biggest issue for businesses, writes Napi.hu. With the constant changes to tax law, companies are unable to... [read complete entry]
September 19, 2008, 04:58 CET
FinMin tables Ft 205 billion tax cut bill
Hungary's government has approved tax cuts worth 205 billion forints, (EUR 843 m), to be submitted to parliament on Friday, Finance Minister Janos Veres told the press.... [read complete entry]
September 17, 2008, 10:34 CET
Veres rejects proposal for bigger cuts in payroll tax
Finance Minister Janos Veres rejected employers' proposals for bigger cuts in payroll tax because of a lack of resources at a meeting of the National Interest Coordination Council (OET) on Tuesday.... [read complete entry]
September 16, 2008, 10:09 CET
Robin Hood tax to be implemented to help pay energy subsidies
The government plans to levy a "Robin Hood" tax on energy companies and use the proceeds to subsidise district heating payments for low-income families, Prime Minister Ferenc Gyurcsany said in Parliament on Monday.... [read complete entry]
September 15, 2008, 11:03 CET
Ombudsman rules against tax authority over late fines and asset freezing
Ombudmsan Máté Szabó has ruled that the state tax office APEH is violating the law when they freeze an alleged tax evader's assets, thereby not allowing them to access those assets to pay their fine, jogiforum.hu reported. The current law... [read complete entry]
September 15, 2008, 08:28 CET
PM says tax plan balances reform with need to preserve consensus
Although Hungary needs the largest possible tax cuts, the costs in terms of the social safety net must be examined, Prime Minister Ferenc Gyurcsany said at his Socialist party's meeting on Saturday.... [read complete entry]
September 11, 2008, 08:35 CET
Veres to submit tax change proposals to cabinet next week
Finance Minister Janos Veres told MTI on Wednesday he expects to submit proposed tax changes to the government next week and next year's budget proposals in the following week.... [read complete entry]
September 10, 2008, 12:11 CET
Fidesz politician proposes lower taxes for "less valuable" workers
A multi-bracket employer contribution system should be introduced, creating three levels (20%, 10% to 15% and 0%) which would reflect the quality differences in employees, György Matolcsy, and economist politician with opposition party Fidesz said at a conference about Roma... [read complete entry]
September 08, 2008, 10:32 CET
FinMin says no plan for integrating local council tax authorities and APEH
The integration of local council tax authorities with the national tax office APEH is not on the agenda, Finance Minister Janos Veres said at a conference of tax officials in Balatonfured on Friday.... [read complete entry]
September 04, 2008, 09:38 CET
Government discusses measures to combat black/grey economy
Hungary's government discussed a raft of options on how to crack down on the black and grey economy on Wednesday, said government spokesman David Daroczi. Businesses are in the government's sights, Daroczi said. Most cash transactions may be abolished and... [read complete entry]
September 04, 2008, 09:20 CET
Cabinet mulls over Gyurcsány tax cut package
The government discussed for the first time formally a broad-ranging package of proposals that would take effect over several years at a cabinet meeting on Wednesday, head of the Prime Minister's Office Péter Kiss said.... [read complete entry]
September 03, 2008, 02:34 CET
SZDSZ calls BS on PM's tax cut plan, outcome TBA
As of yesterday it looks like the Alliance of Free Democrats (SZDSZ) has given a thumbs-down to an economic "action plan" floated last week by Prime Minister Ferenc Gyurcsány. As always in Hungary, it's hard to know if this rejection... [read complete entry]
September 03, 2008, 09:16 CET
Gyurcsány warns against steeper tax cuts
The government's 300 billion forint/year (about 1.2 billion euros) tax cut package would keep the government in equilibrium, maintain social security and build economic dynamics, but anything more than that would do the opposite, Hungary's prime minister said in parliament... [read complete entry]
September 03, 2008, 08:52 CET
Employers' group gives cautious welcome to PM's tax plan
The board of the Hungarian Association of Industrialists and Employers (MGYOSZ) welcomes certain elements of an economic stimulus package proposed by the prime minister last week, but taxes could be reduced faster if the resulting loss in revenue was matched... [read complete entry]
September 02, 2008, 08:34 CET
Rating agency says tax package may lead to downgrade for Hungary
Hungary's proposed tax cuts could lead to a rising general government deficit in the run-up to general elections in 2010 and so Standard and Poor's is ready to downgrade the country's sovereign rating, the ratings agency said in a report... [read complete entry]
September 01, 2008, 03:13 CET
Hungarian mayors blame government as businesses leave town
One after another, businesses that have so far played key roles in regional or local employment have closed down or moved to another country, wrote Monday's national daily Magyar Nemzet. The ensuing problem is tantamount to a double whammy, for... [read complete entry]
September 01, 2008, 09:14 CET
Hungarian tax authority to overhaul notification process
The order in which the Hungarian tax office APEH will send out notices about account balances, debts, late fees and surpluses will change considerably this fall, tax department head Eszter Ágnes Balázs announced at a press conference recently. APEH will... [read complete entry]
August 29, 2008, 10:59 CET
Analysts trash Gyurcsány tax package
The prime minister's new tax cut plans will not go very far in its aim of stimulating economic growth and will only benefit a small section of the populace, analysts told business dailies Napi Gazdasag and Vilaggazdasag on Friday. The... [read complete entry]
August 29, 2008, 09:43 CET
Government pitches tax-cut package to new interest group
Hungary's Prime Minister Ferenc Gyurcsany and Economy Minister Gordon Bajnai presented their new tax cut plans on Thursday to the inaugural meeting of the Economic Coordination Forum (GEF). Gyurcsany had unveiled a plan envisioning 1,200 billion forints worth of tax... [read complete entry]
August 28, 2008, 04:38 CET
Unions, employers' group give cautious support to PM's tax-cut package
The LIGA and MSZOSZ trade unions and the leader of the National Association of Entrepreneurs and Employers (VOSZ) voiced reserved support for the Gyurcsany government's tax-cut package announced on Wednesday.... [read complete entry]
August 27, 2008, 09:23 CET
Gyurcsány outlines Ft 1 trillion tax cut plan
Prime Minister Ferenc Gyurcsany outlined proposals to save taxpayers HUF 1,000bn-1,200bn through tax cuts, reducing red tape drastically and exercising zero tolerance for tax evaders in an article published in Wednesday's issue of daily Nepszabadsag.... [read complete entry]
August 26, 2008, 09:43 CET
Hungarian Prime Minister to unveil tax cuts worth HUF 1,200 billion
Prime Minister Ferenc Gyurcsany, head of the minority Socialist government, is expected to unveil tax cuts on Tuesday worth 1,200 billion forints (5.12 billion euros), reported hirado.hu, Hungarian television's website. While the cuts will be introduced over the next few... [read complete entry]
August 18, 2008, 12:26 CET
Hungarian tax authorities benefit from online auctions of seized goods
Online auctions to sell assets seized by tax office APEH from individuals who owe back taxes or other liability have increased the income of the state budget by Ft 200 million (over €840,000) since January, writes index.hu. The new online... [read complete entry]
August 13, 2008, 09:00 CET
Is Hungary's bureaucracy-cutting program too successful?
There was an interesting - but to a taxpayer, probably infuriating - little story in (government-friendly) daily Népszava on Monday saying that not only has the government fulfilled its pledge to cut back on the country's monstrously expensive state bureaucracy,... [read complete entry]
August 07, 2008, 10:04 CET
German companies slam Hungarian business environment
German investors operating in Central and Eastern Europe have criticized Hungary for high labor expenses, complex bureaucracy, low payment morals, the tax system and slow growth compared to other countries in the region, writes Privátbankár.hu, based on an MTI report.... [read complete entry]
August 04, 2008, 12:35 CET
Gov't to discuss tax cuts at August 21 cabinet meeting
The government will discuss tax cuts at a cabinet meeting on August 21, Finance Minister János Veres said in an interview published in Monday's issue of the economic daily Világgazdaság. The Finance Ministry has already calculated a realistic amount for... [read complete entry]
August 04, 2008, 11:23 CET
"Jealous" Hungarians increasingly reporting neighbors, ex-bosses to APEH
According to mfor.hu, more and more Hungarians are reporting their neighbors and acquaintances to the tax office APEH, although the authorities claim only 25-35% of the reports are valid. While some of the informants are driven by sheer malignancy and... [read complete entry]
August 01, 2008, 11:49 CET
Fears that multinationals will leave Hungary after end of tax rebates
An EU regulation requiring that Hungary abolish its system of corporate tax rebates by the end of 2011 is leading some experts to warn that some large multinationals will leave the country, writes Világgazdaság. Meanwhile, the paper reports that just... [read complete entry]
August 01, 2008, 09:08 CET
Rule change sparks surge in new business registration in Hungary
The number of registered businesses in Hungary jumped more than 22pc in the twelve months to the end of June because of new rules requiring subsistence farmers who sell their goods at market to acquire a tax number, the Central... [read complete entry]
August 01, 2008, 09:01 CET
FinMin brushes off advance press of 2009 budget plan
Finance Minister Janos Veres said at a press conference on Thursday that talks on next year's budget with the ministries have not finished yet, responding to the publication of leaked information about the government's 2009 budget proposal published in several... [read complete entry]
July 31, 2008, 03:48 CET
Pensions, interest costs lead government to plan tight 2009 budget
Hungary's minority Socialist government is preparing for a tight 2009 budget with little elbow room for tax cuts as added higher pension costs and interest expenditure largely offsets extra revenues generated by high - mainly oil related -- inflation and... [read complete entry]
July 29, 2008, 03:14 CET
Liberals, MDF to push government on tax reform
Hungary's two small parliamentary parties, the liberal Free Democrats and the conservative Democratic Forum, may appear to many as an irrelevance given their paltry poll ratings, but their MPs' votes will be crucial to the minority Socialist government when it... [read complete entry]
July 28, 2008, 08:08 CET
Minister denies reports of secret gov't talks on taxes
National Development and Economy Minister Gordon Bajnai said on Friday that he had no knowledge of any "secret discussions" among government members on transforming the tax system, although economic policy issues have regularly been on its agenda.... [read complete entry]
July 28, 2008, 07:47 CET
Gov't to set up new economic forum, heeding call from business sector
The government decided at a Friday meeting to set up an economic coordination forum to offer advice on regulations and measures concerning businesses, said development and economy minister Gordon Bajnai. The forum will comprise representatives from the ministries involved with... [read complete entry]
July 24, 2008, 01:05 CET
Tax authorities enjoy 10.8% jump in 1Q revenue, audits up 21.6%
Hungary's tax office APEH had revenue of HUF 4,446bn (EUR 19.44bn) in the first half of 2008, 10.8pc more than in the same period last year, APEH announced on Wednesday.... [read complete entry]
July 23, 2008, 01:07 CET
Noted economist says investors fed up with Hungary
Renowned economist László Csaba has lashed out at the Hungarian government, saying it has done too little to restore the country's economic competitiveness and credibility. "Investors have run out of patience. Politicians have to decide whether they choose chasing short-term... [read complete entry]
July 23, 2008, 09:04 CET
Consulting firms working on Ft 1 trillion tax cut proposal
Multinational consulting firms are working on their own tax proposals that will be published next month, Népszabadság writes. The proposals include bringing down tax barriers by Ft 1,000 billion in the next few years in order to get the economy... [read complete entry]
July 22, 2008, 10:34 CET
APEH in hunt for illegal invoice booklets
Since the introduction of new, easily traceable invoice booklets, Hungarian tax authority APEH has discovered at least one illegal manufacturer of the bills, writes napi.hu Tax controllers have found several companies using old bill booklets which have not been valid... [read complete entry]
July 18, 2008, 03:13 CET
Tip-hungry Hungarian waiters stew in goulash of gratuity taxes
Taxes on service charges depend on how the service charges are received and distrubuted. [read complete entry]
July 17, 2008, 08:18 CET
European Commission approves Hungary's film subsidy scheme
The European Commission on Wednesday said it approved a six-year EUR 231m Hungarian film support scheme which was modified from the original to introduce cultural content eligibility criteria.... [read complete entry]
July 10, 2008, 02:13 CET
EU publishes proposal to lower VAT rates
The new proposal would grant member countries more flexibility over how much VAT to apply in certain areas. [read complete entry]
July 10, 2008, 11:51 CET
Will there be a Hollywood ending for Hungary's film production industry?
Starting tomorrow, cinemas across America will roll out Hellboy II: The Golden Army, the first major motion picture to be shot primarily at Korda Studios, the recently-completed movie-making complex in Etyek, just outside Budapest. If the film's opening weekend is... [read complete entry]
July 10, 2008, 10:18 CET
Hungary and Romania to increase tax cooperation and economic ties
Growing economic ties cited as reason for increased cooperation. [read complete entry]
July 09, 2008, 08:30 CET
Poll finds broad support for state action on rising food prices
The state should act against rising food prices, according to 84% of respondents to a survey by the Nézőpont political institute. The telephone survey of 600 residents conducted July 3-6 examined the reception of opposition proposals aimed at lowering the... [read complete entry]
July 03, 2008, 02:07 CET
EU threatens legal action over discrimatory property tax
Hungary could be in hot water with the EU Commission if it does not amend a law discriminating against foreigners purchasing property for the first time. While Hungarians selling a property to buy a new one are only liable to... [read complete entry]
July 03, 2008, 12:46 CET
Hungarians equate reforms with austerity, but admit they are necessary
Despite the results of the March 9 referendum, a considerable proportion of the Hungarian population thinks reforms are necessary, even though they usually equate them with cutbacks, writes liberal daily Népszabadság, based on a poll conducted by Marketing Centrum. On... [read complete entry]
July 03, 2008, 10:30 CET
Hungarian taxes not so high after all
According to a Eurostat report available for download in .pdf format here, the Hungarian tax ratio of 37.2% is below the EU average, and it is also lower than it was one year or even ten years ago, reports index.hu.... [read complete entry]
July 02, 2008, 04:31 CET
Finance Minister hints at Ft 400 billion tax benefit cut
János Veres may cut income and corporation tax breaks, paving the way for the abolition of the flat rate of health care and various levies. [read complete entry]
July 01, 2008, 09:55 CET
Gov't agrees to earmark Ft 8 billion for fuel excise tax cut
The government is looking for ways to spur interest in people gaining their truck driver's licenses. [read complete entry]
June 24, 2008, 09:43 CET
Fidesz predicts euro adoption in 2016 at the earliest
Fidesz has revealed when they expect Hungary to be able to adopt the euro, as well as that they are likely to make their economic plan public in the fall. [read complete entry]
June 23, 2008, 10:06 CET
Gyurcsány says Hungary is open to "Robin Hood" tax
The prime minister spoke that Hungary will take into consideration raising taxes on oil companies, while the finance minister said that feasibility study will first need to be carried out. [read complete entry]
June 20, 2008, 08:18 CET
Corruption deeply rooted in Hungarian business sector, international survey says
Corruption is inevitable in the Hungarian business sector, a recent report by Transparency International (TI) titled Corruption Risks in the Business Sector concluded. According to a summary of the report in Világgazdaság, it is extremely difficult or impossible to operate... [read complete entry]
June 13, 2008, 08:36 CET
Government rejects high-profile plan to reform social spending
Hungary' Socialist government, struggling to pinpoint resources to fund tax cuts while reluctant to pare back the country's generous social spending, has brushed off an alternative economic plan by a financial consultancy that proposed revamping social benefits in order to... [read complete entry]
June 10, 2008, 11:24 CET
Bajnai would like to overhaul Hungarian attitudes toward work
The National Development and Economy Minister would like to launch a program to change Hungarian attitudes toward working in a bid to give the economy a boost. [read complete entry]
June 09, 2008, 10:20 CET
EU decision on business relocation could hurt Hungary's tax income
A decision by the European Court of Justice Advocate General will allow companies to move their headquarters from Hungary while still remaining based here. [read complete entry]
June 04, 2008, 07:59 CET
State audit head gives Hungarian tax system negative review
Changing Hungarians' underground ("kuruc") attitude towards taxation is difficult and will take time, but high taxes are only partially to blame for that, Árpád Kovács, head of Hungary's State Audit Office (ÁSz) said last week, origo.hu reports. Speaking at a... [read complete entry]
May 22, 2008, 03:59 CET
Development and Economy Minister wishes to see investment in underdeveloped regions
Gordon Bajnai would like to cut taxes in order to spur investment in the areas of Hungary that have fallen behind. [read complete entry]
May 22, 2008, 09:35 CET
Economists pinpoint Hungary's big policy mistakes
A series of bad economic policy decisions have led to Hungary’s poor economic growth and high budget deficit in recent years, economists said at a roundtable discussion of the Hungarian Chamber of Commerce and Industry (MKIK). Orbán-era economy minister György... [read complete entry]
May 21, 2008, 08:43 CET
Hungarian wages drop to bottom of OECD in new survey
Based on purchasing power parity, wages in Hungary are the lowest among the 30 members of the Organization for Economic Cooperation and Development, a new study by the group of industrialized countries reveals. According to FigyelőNet, the monthly Hungarian wage... [read complete entry]