Ministry of Finance

Mihály Varga

Minister of Finance

Leading news

Last year closed with stable public finances and a major reduction in sovereign debt

Ministry of Finance, January 9, 2020 5:19 PM

Last year, the budget continued to fully assure the resources required for the financing of public duties on the part of the state and the realisation of the government’s economic and social policy goals. According to preliminary estimates, the deficit to GDP ratio of public finances remained well under the level required by the European Union for the eighth year in succession, thanks to which the debt rate produced its most dynamic reduction of the past two decades.

Hungarian-Korean economic relations set to gain further impetus

Ministry of Finance, December 12, 2019 8:00 PM

“Thanks to the Hungarian government’s investment-promoting economic policy and the balanced business environment, an increasing proportion of South Korean enterprises are investing in Hungary each year”, Minister of Finance Mihály Varga highlighted at the third session of the Hungarian-Korean Joint Economic Committee in Budapest on Thursday.

The reduction of sovereign debt must continue

Ministry of Finance, December 12, 2019 6:00 PM

“The reduction of sovereign debt must continue, and according to plan the government wants to reduce sovereign debt to 60 percent of GDP by 2022”, Minister of Finance Mihály Varga said at a press conference in Budapest on Thursday.

The new Social Security Act simplifies the tax system and reduces public burdens

Ministry of Finance, December 11, 2019 7:00 PM

“The new Social Security Act adopted on Wednesday, which comes into force on 1 July 2020, simplifies the tax system, reduces public burdens, and helps weed out tax avoiders”, the Minister of Finance’s State Secretary for Tax Affairs Norbert Izer said at a press conference in Budapest on Wednesday.

The target deficit is achievable through continued fiscal discipline

Ministry of Finance, December 11, 2019 12:50 PM

In addition to preserving the stability of the budget, the government will continue to be able to provide resources for the realisation of various social policy goals and both domestic and EU development projects. In view of the fact that the deficit of the central subsystem of public finances was 190.9 billion forints (EUR 575.8 million) in November, this equates to 766.3 billion forints (EUR 2.31 billion) for the first eleven months of the year, which is 76.7 percent of the annual target.

Hungary will be introducing further economy protection measures at the beginning of next year

Ministry of Finance, December 6, 2019 8:00 PM

“Although we cannot talk about a recession, the rate of growth of the global economy is experiencing a slowdown. The industrial performance of our most important partner, Germany, has fallen, and accordingly the government will be introducing further economy protection measures from the beginning of next year”, Minister of Finance Mihály Varga said on Friday in Budapest at a Christmas event organised by Gránit Bank.

Hungary is calling for effective EU action against money laundering and terrorism

Ministry of Finance, December 5, 2019 6:00 PM

“Unified and effective action against money laundering and terrorism is in the common interests of every member state of the European Union, but Hungary remains against the unwarranted removal of spheres of competence from national authorities”, Minister of Finance Mihály Varga emphasised at today’s meeting of the EU’s Economic and Financial Affairs Council (ECOFIN).

Norbert Izer: New era in tax simplification and the whitening of the economy

Ministry of Finance, December 3, 2019 12:47 PM

“Parliament has voted to adopt the bill on next year’s tax changes, which will further improve the country’s competitiveness and that of its enterprises, and which will contribute to the further protection of the Hungarian economy and to improving competitiveness”, the Ministry of Finance’s State Secretary for Tax Affairs Norbert Izer said in a statement to Hungarian news agency MTI on Tuesday.

Hungary has the opportunity to join another development bank

Ministry of Finance, December 2, 2019 8:00 PM

“Hungary is ready to begin negotiations on joining the Eurasian Development Bank (EDB) as a full member”, Minister of Finance Mihály Varga announced at the financial institution’s conference in Moscow. “Joining the development bank, which currently covers six states and a market of 185 million, could mean new markets and resources for Hungarian enterprises and new investment projects for the Hungarian economy”, the Minister highlighted.