Ministry of Finance

Mihály Varga

Minister of Finance

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By 2021, tax administration burden to be cut by half

Ministry of Finance, June 15, 2018 11:34 AM

The National Tax and Customs Administration (NAV) may play a key role in boosting the competitiveness of enterprises, Minister of Finance Mihály Varga said at an executive meeting, where he introduced László Sors as the newly appointed head of the tax office. Besides becoming a paper-free office by 2021, the NAV will also be capable of preparing a high number of tax returns for enterprises thanks to the inflow of data, and thus this will reduce the burden of tax administration by half.

The „budget of safe growth” submitted to Parliament

Ministry of Finance, June 14, 2018 10:01 AM

In the drafting of the Budget 2019 the Government’s priorities were to safeguard Hungary’s security, maintain economic growth and achieve full employment, Minister of Finance Mihály Varga said at a press conference earlier today.

Hungarian economic policy aimed at establishing stable growth

Ministry of Finance, June 11, 2018 10:20 AM

Hungary’s economic performance has been increasingly sound and balanced, Minister of Finance Mihály Varga said at a business forum organized by the American Chamber of Commerce (AmCham) in Budapest.

World Bank also predicts higher GDP growth in Hungary

Ministry of Finance, June 6, 2018 3:30 PM

The World Bank revised its former GDP growth estimate of January 2018 for Hungary upward, by 0.3 percentage points.

Hungarian economy posted outstanding growth

Ministry of Finance, June 6, 2018 3:20 PM

In Q1 2018, Hungary’s GDP grew by 4.4 percent, the same rate shown by preliminary data. Data adjusted for seasonal and working day effects, which better reflect underlying trends, show an even higher increase of 4.7 percent.

Hungary disagrees with the budget proposals of the European Commission

Ministry of Finance, June 1, 2018 1:11 PM

Hungary understands that due to Brexit one of the largest contributors is leaving the EU and this causes the EU budget to shrink but we oppose the cutting of cohesion and agricultural funds, Minister of Finance Mihály Varga said after he received EU Commissioner for Competition Margrethe Vestager in his office. Another topic which the two officials discussed was the taxation of digital enterprises.

OECD growth estimate for Hungary above that of the Government

Ministry of Finance, May 30, 2018 1:54 PM

In the latest Economic Outlook, the OECD predicts economic growth of 4.4 percent for this year in Hungary, Minister of Finance Mihály Varga said. Commenting on the report after a ministerial-level meeting at the organization’s headquarters in Paris, the Minister said the OECD had revised the former estimates of November 2017 for both this year and next by 0.8 percentage points each.

The unemployment rate has been declining for the 70th consecutive month in Hungary, February-April 2018

Ministry of Finance, May 29, 2018 1:37 PM

Thanks to favourable economic and job market trends, the number of unemployed people has fallen to one-third, to 177 000, of the figure seen in 2010, Minister of Finance Mihály Varga said.

Hungarian-Vietnamese relations improving rapidly

Ministry of Finance, May 29, 2018 1:36 PM

“Vietnam has been a traditional partner of Hungary in Southeast Asia, and we regard the country’s economic development and achievements with great respect”, Minister of Finance Mihály Varga said. The Minister received CPV Central Committee member and Central Economic Commission Chairman Nguyen Van Binh in his office.

Banking union discussed at ECOFIN session

Ministry of Finance, May 25, 2018 11:20 AM

Euro-zone stability is important for Hungary, Minister of Finance Mihály Varga said. At the extended meeting of the Eurogroup, the Minister said that Hungary had supported the full transformation of the banking union from the very beginning, including the third pillar of banking union: the currently discussed deposit insurance scheme and related safety-nets.