Ministry for National Economy

Mihály Varga

Minister for National Economy

Leading news

Economic growth in line with prior estimate

Ministry for National Economy, August 17, 2017 1:46 PM

Following robust growth in the first three months of the year, the Hungarian economy grew by 3.2 percent in the second quarter. This figure is in line with prior expectations: this period saw the highest growth last year; therefore this quarter’s increase may appear modest and lower than it was in the previous quarter. In the second half of 2017, the Ministry for National Economy expects growth to pick up, driven by the accelerated payments of EU funding, the Housing Subsidy Programme, the six-year wage agreement and tax reductions.

Massive budget surplus in July 2017

Ministry for National Economy, August 7, 2017 1:34 PM

Fiscal data reflect the success of the Government’s economic policy: in the month of July 2017 the state budget posted a surplus of HUF 94.4bn, thanks mainly to higher-than-expected tax revenues. The six-year wage agreement concluded last year has proven to be an adequate scheme: the state budget has remained stable despite lower tax rates.

Despite tax reductions tax revenues are up

Ministry for National Economy, August 3, 2017 3:53 PM

Last year, the Government has brokered the six-year wage agreement aiming to end the era of low wages in Hungary, Minister of State for Taxation András Tállai told political daily Magyar Idők. This year, wages have risen rapidly, more and more people have a steady job, and budget revenues have increased, he added. In the first six months of the year, revenues were up by HUF 140bn compared to the same period of the previous year.

In focus of new law on the rules of taxation: assistance for taxpayers and simpler procedures

Ministry for National Economy, July 31, 2017 4:11 PM

A draft version of the new law on the rules of taxation has been published and the Ministry for National Economy is awaiting constructive comments to the bill. Hungary’s tax authority, the National Tax and Customs Administration (NAV), offers a new service, enterprise mentoring, for new companies. The draft also stipulates that tax inspectors must close revisions within 365 days, and the amount of tax fine is halved.

10 billion forint job-creation programme for SMEs

Ministry for National Economy, July 28, 2017 11:22 AM

“The Ministry for National Economy will be launching a 10 billion forint (EUR 32.7 M) open tender to fund job-creation investment projects by micro-, small- and medium-sized enterprises, beginning on 1 August”, Minister for National Economy Mihály Varga announced in a statement to Hungarian news agency MTI.

Retail sales growth trend in place for almost four years now

Ministry for National Economy, July 24, 2017 12:15 PM

The volume of retail sales grew dynamically, by 6 percent year-on-year, in the month of May 2017. Thus, the sector has been expanding for 47 months in a row.

Finance ministers discussed tax evasion and bad loans

Ministry for National Economy, July 12, 2017 2:39 PM

Hungary fully endorses the EU’s efforts targeting tax evasion; however, the Government of Hungary recommends the European Commission’s recently presented draft to be reconsidered, as this would eventually lead to disproportionate administrative burdens for enterprises, Minister for National Economy Mihály Varga said at the latest Ecofin session in Brussels. The finance ministers of EU countries have also discussed a report of non-performing loans. The proportion of so-called bad loans has been declining in Hungary, thanks among others to the phasing-out of forex loans, the Minister noted.