Ministry of Finance

Mihály Varga

Minister of Finance

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Tax authority to supervise data traffic of each vending machine in Hungary

Ministry of Finance, July 2, 2018 10:47 AM

The 1st of July is a milestone in Hungary’s tax history: as of today, the National Tax and Customs Administration will be capable of directly seeing data of large VAT bills and vending machines for food and beverages. Besides improving taxation morale, these two measures are also expected to reduce the country’s tax gap to 10 percent of GDP within the coming years.

Hungary’s unemployment rate hit an all-time low of 3.7 percent in May 2018

Ministry of Finance, June 28, 2018 3:24 PM

Parallel to double-digit income growth driven by, among other factors, the six-year wage agreement, the number of people in employment has also been rising in Hungary. Their number has increased by 750 thousand over the past eight years, Minister of Finance Mihály Varga said, commenting on the latest jobs data released by the Hungarian Central Statistical Office (KSH).

IMF: Next year’s budget and Hungarian economy based on firm foundations

Ministry of Finance, June 28, 2018 12:48 PM

According to the Staff Concluding Statement of the 2018 Article IV Mission, experts of the International Monetary Fund has found Hungary’s macro-economic situation “stable”, the economic growth of 2018 “strong” and the 2019 budget “a step in the right direction”. The IMF delegation visited Budapest on 14-26 June.

The immigration surcharge could come into force by late summer

Ministry of Finance, June 25, 2018 11:04 AM

“If Parliament votes in favour of the Government’s proposal, the 25 percent immigration surcharge could be introduced by late summer”, the Ministry of Finance’s Parliamentary State Secretary told Hungarian daily Magyar Idők.

Hungary released an extra statement regarding country-specific recommendations

Ministry of Finance, June 25, 2018 10:14 AM

As Hungary had found the European Commission’s statements on the Hungarian prosecution system tendentious, the country has issued a separate statement at the latest Ecofin session, Minister of Finance Mihály Varga said in Luxembourg.

Earnings in real terms up by more than 10 percent in the period January-April 2018

Ministry of Finance, June 21, 2018 2:37 PM

In the period January-April 2018, earnings in real terms rose at an outstanding rate of 10.1 percent, and this shows an ongoing upward trend which started at the beginning of 2013, Minister of Finance Mihály Varga said earlier today.

Taxes set to be lowered again in 2019

Ministry of Finance, June 21, 2018 10:52 AM

The tax package bill scheduled to be submitted by the Ministry of Finance to the parliament on Tuesday has the highest number of simplified regulations ever.

Organizations assisting immigration to pay a surcharge in Hungary

Ministry of Finance, June 20, 2018 9:58 AM

According to the Government’s proposal and the tax package submitted to parliament earlier today, organizations which assist immigration are to pay a special tax.

The deficit target remains unchanged

Ministry of Finance, June 19, 2018 2:42 PM

In the period January-May 2018, formerly prevailing trends continued with regard to public finances: of these, the pre-payment of funds for EU-financed projects and rising tax revenues can be singled out as the most significant. The Government continues to expect economic growth of 4 percent and a budget deficit of 2.4 percent of GDP for the year 2018.

International Investment Bank to open a regional branch office in Budapest

Ministry of Finance, June 19, 2018 9:46 AM

The International Investment Bank (IIB) is to open a regional branch office in Budapest, Minister of Finance and Deputy PM for Economic Policy Affairs Mihály Varga said after having signed an MoU with IIB Chairman Nikolay Kosov.