It is impossible to sustain the competitiveness of the domestic economy without the success of enterprises, Minister for National Economy Mihály Varga stated at the presentation of the “Awards for Successful Enterprises” for the month of April.
Thanks to higher tax revenues and prudent fiscal policy, the general government budget deficit in the first quarter of 2015 was lower than one year ago.
The Ministry for National Economy organized for the tenth time a two-day international conference with the title “Double Challenge: the Launching and Closing of Competitiveness Operative Programmes.”
The Government has begun to discuss the budget bill of 2016 and it has been agreed that state funding cannot be lower at any sector or ministry, Minister for National Economy Mihály Varga said at a press conference.
Minister for National Economy Mihály Varga received in his office Azerbaijan’s Minister of Economy and Industry Shahin Mustafayev, where they discussed, among others issues, industrial and healthcare cooperation, the bolstering of tourism relations, the exchange of information on employment policy and SME development.
Next year, the personal income tax rate is planned to be cut from 16 percent to 15 percent, VAT on pork is projected to be lowered from the current 27 percent to 5 percent, and the family tax allowance is also set to be increased from the current HUF 10 000 per year for families with two children to HUF 20 000 by 2019, Minister for National Economy Mihály Varga announced at a press conference following the presidency meeting of the Fidesz-KDNP ruling coalition.
In the initial two months of the year, wages in real terms grew outstandingly, by 5 percent, within the national economy – according to the flash report of the Hungarian Central Statistical Office (KSH) published earlier this morning.
Mihály Varga and Pierre Moscovici discussed the EU country report on Hungary, on the sidelines of the regular spring meeting of the IMF held at the institution’s Washington headquarters.
The level of general government debt must be reduced in the coming years, Minister for National Economy Mihály Varga said at an event organized by the Hungarian Economic Association in Corvinus University of Budapest.