Ministry of Finance

Mihály Varga

Minister of Finance

Leading news

Mihály Varga signs strategic agreement with world’s largest bank

Ministry of Finance, November 27, 2019 11:00 AM

“Hungary is tightening its relations with the world’s largest bank based on assets”, Minister of Finance Mihály Varga told the press after concluding a strategic cooperation agreement with President of the Industrial and Commercial Bank of China (ICBC) Gu Shu.

Mihály Varga holds talks with Chinese Finance Minister

Ministry of Finance, November 26, 2019 3:39 PM

“Economic and financial relations between Hungary and China are increasingly strong and rest on secure foundations, and opportunities for cooperation will also open within a host of new fields in future”, Mihály Varga said following talks with Chinese Minster of Finance Liu Kun in Beijing. The Hungarian Finance Minister drew attention to the fact that this was the first Hungarian-Chinese finance ministers’ meeting since the 1990 regime change. During the meeting, it was stated that more Chinese banks are preparing to establish their regional centres in Budapest.

Hungary moves up thirty places in the World Bank’s tax rankings thanks to the government’s tax cuts

Ministry of Finance, November 26, 2019 11:09 AM

“Hungary has moved up thirty places compared to last year in the World Bank’s Paying Taxes rankings, meaning it is now in 56th place. The improvement is predominantly the result of the government’s policy of reducing taxes, the major decrease in administrative burdens, and the tax office’s increasingly efficient monitoring practices”, State Secretary for Tax Affairs Norbert Izer said in a statement to Hungarian news agency MTI.

The EU has not only ruined immigration policy, but also economic policy

Ministry of Finance, November 24, 2019 8:00 PM

“The EU has not only ruined it immigration policy, but also its economic policy”, Minister of Finance Mihály Varga said on Kossuth Radio’s “Sunday Paper” show.

The development of the insurance sector is also facilitating the performance of the Hungarian economy

Ministry of Finance, November 21, 2019 2:01 PM

“The strong and modern insurance sector is playing an important role in the growth of the economy, the maintaining of financial stability, and the financial security of families”, Minister of Finance Mihály Varga declared at an international conference organised by the Association of Hungarian Insurance Companies (MABISZ).

Hungary is the EU’s most rapidly developing country

Ministry of Finance, November 18, 2019 8:00 PM

“Hungary is the EU’s most rapidly developing country”, Minister of Finance Mihály Varga declared in an interview for Hungarian daily Magyar Nemzet. In the interview, which was published in Monday’s edition of the paper, Mr. Varga said the government has already begun drawing up the second Economy Protection Action Plan, and a decision on the new measures is expected during the first half of next year.

The Hungarian economy has grown by 5 percent

Ministry of Finance, November 14, 2019 2:52 PM

“The effects of the government measures introduced in the recent period are being felt in practically every sector of the economy, and accordingly the gross domestic product increased by 5 percent, in excess of analyst’s expectations, in the third quarter of 2019”, Minister of Finance Mihály Varga declared in assessment of the latest statistical data. Growth during the first 9 months of the year was 5.1 percent overall.

Ministry of Finance submits new economy protection and competitiveness improvement bills

Ministry of Finance, November 13, 2019 11:34 AM

The Ministry of Finance has submitted new economy protection and competitiveness improvement bills to the National Assembly. The Hungarian economy is expected to perform well above the EU average again this year. In the interests of preserving Hungary’s economic results, the Cabinet decided in May on the first Economy Protection Action Plan, and Parliament has already decided on six of the Plan’s seven points relating to tax cuts, for instance the reduction of social contributions tax and small business tax (KIVA), while the seventh point is part of the bill that has been submitted today.

The state of the budget is developing according to expectations

Ministry of Finance, November 8, 2019 12:08 PM

As a result of the government’s responsible fiscal management, public finances continue to be characterised by calculability and stability. The central subsystem closed the first ten months of this year with a deficit of 575.4 billion forints (EUR 1.73 million), which represents 57.6 percent of the annual target. In addition to real economy processes, this indicates that the 1.8 percent of GDP target deficit, calculated according to EU methodology, will also be achieved.