Ministry of Finance

Mihály Varga

Minister of Finance

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More and more people are choosing small taxpayers’ itemized tax

Ministry of Finance, January 16, 2019 3:08 PM

Over 315 thousand entrepreneurs have already chosen the small taxpayers’ itemized tax, the so-called KATA, which is now Hungary’s simplest and most popular form of taxation.

The general government deficit could be much lower than planned

Ministry of Finance, January 11, 2019 3:25 PM

“The Hungarian economy is performing increasingly well: In 2018, the deficit calculated according to EU methodology is expected to have been around 2 percent, instead of the planned 2.4%, and the sovereign debt to GDP ratio could have fallen even further to 71%”, Minister of Finance Mihály Varga announced.

World Bank also predicts faster economic growth in Hungary

Ministry of Finance, January 9, 2019 4:44 PM

The World Bank has now joined other major international organizations which had upwardly revised their prior expectations regarding the rate of economic growth in Hungary, adding 0.5 percentage points to their previous prognosis of June 2018.

Low corporation tax is a competitive advantage

Ministry of Finance, January 7, 2019 1:12 PM

“The restructuring of the tax structure conforms to the country’s expectation that while reducing the tax burdens on capital- and work-related income, burdens should increase in the direction of VAT-type taxes”, the Ministry of Finance’s Minister of Sate for Taxation Norbert Izer said in an interview for leading economic daily Világgazdaság.

Minimum wage to increase to HUF 149,000 next year

Ministry of Finance, December 30, 2018 3:05 PM

At the meeting of the Permanent Consultation Forum of the Competitive Sector and the Government, a two-year agreement was reached pursuant to which the minimum wage and the guaranteed wage minimum for qualified workers will increase by 8 per cent in 2019 and by another 8 per cent in 2020. The forum determined the rate of the recommended wage increase at 8 per cent for both years, Finance Minister Mihály Varga announced.

Opposition wants to deceive people

Ministry of Finance, December 28, 2018 8:35 PM

According to Finance Minister Mihály Varga, the opposition wants to deceive the people, and is intentionally misinterpreting the law on the extension of voluntary overtime.

Earnings have increased by 11 percent

Ministry of Finance, December 20, 2018 4:13 PM

“It is becoming increasingly worthwhile to work in Hungary; earnings increased by 11.6 percent during the first ten months of the year, which means an increase in real wages of 8.6 percent”, Minister of Finance Mihály Varga said.

All conditions given to achieve deficit target

Ministry of Finance, December 7, 2018 2:16 PM

In spite of an economic policy built on tax cuts, continuously increasing tax revenues are resulting in the stability of the state budget. Accordingly, the implementation of various economic and social policy objectives continues to be ensured. With expected growth of well over 4 percent, the ESA deficit target of 2.4 percent of GDP can be achieved.

Hungary does not support separate budget for Eurozone

Ministry of Finance, December 6, 2018 3:15 PM

Creating a separate Eurozone budget is contrary to Hungary’s interests, Mihály Varga stressed at the extended meeting of Eurozone finance ministers where attendees discussed the French-German proposal disclosed to the public in November.

Hungarian economy has grown at unprecedented rate

Ministry of Finance, December 6, 2018 1:14 PM

In consequence of the government’s economic policy focusing on tax reductions and pay rises, economic growth in the 3rd quarter of 2018 was higher than preliminary estimates indicated, peaking at 5.2 per cent.