Economy
Hungary PM Orbán to hold press conference today on budget
The PM’s spokesman, Péter Szijjártó, said on Monday the National Economy Minister will present the numbers either on Monday today or on Tuesday that will reveal how much of the effectively nationalised assets of private pension funds may be freed for debt reduction.
According to previous information, the PM was to make an announcement on two topics this week.
Last Wednesday, Orbán told public radio he would make a milestone announcement on the reduction of public debt.
On Thursday he told commercial television TV2 in an interview that the measures aimed at filling the HUF 100 billion hole in this year’s budget (hit by meagre growth) would be made public this Wednesday.
No specifics about the measures have been disclosed yet, but the PM indicated that a few taxes may be raised, such as the excise tax on gambling, tobacco and alcohol.
But we need to note that whatever tax hikes the cabinet is contemplating these will not bring results, i.e. extra revenues for the budget before the last two months of the year. Should Parliament amend tax laws by 15 September, the new regulations may be put into effect on 1 November at the soonest (45 days after the passing of the law). Therefore higher tax revenues can be expected only in November December this year, and then of course in the whole of 2012.
According to previous information, the PM was to make an announcement on two topics this week.
Last Wednesday, Orbán told public radio he would make a milestone announcement on the reduction of public debt.
On Thursday he told commercial television TV2 in an interview that the measures aimed at filling the HUF 100 billion hole in this year’s budget (hit by meagre growth) would be made public this Wednesday.
No specifics about the measures have been disclosed yet, but the PM indicated that a few taxes may be raised, such as the excise tax on gambling, tobacco and alcohol.
But we need to note that whatever tax hikes the cabinet is contemplating these will not bring results, i.e. extra revenues for the budget before the last two months of the year. Should Parliament amend tax laws by 15 September, the new regulations may be put into effect on 1 November at the soonest (45 days after the passing of the law). Therefore higher tax revenues can be expected only in November December this year, and then of course in the whole of 2012.
