20130617 Information note Min of Economy announces measures .pdf
Nom original: 20130617 Information note_Min of Economy announces measures.pdfAuteur: Ábrányi Béla
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PRIME MINISTER’S OFFICE
INTERNATIONAL COMMUNICATIONS OFFICE
Minister Mihály Varga announces further economic measures to maintain low
Hungarian society has contributed greatly to lifting the excessive deficit procedure
against Hungary; however, this result has to be maintained. To this end, the
Government has submitted certain measures to Parliament, Government
Spokesperson András Giró-Szász announced today. The measures were specified by
Minister for National Economy Mihály Varga.
According to the Minister, the Government proposes that the tax on cash withdrawals be
raised to 0.6 percent with no upper limit to the amount payable.
The tax on electronic money transfers would be raised from 0.2 to 0.3 percent, while the
current limit of HUF 6,000 (EUR 20.6) would be kept, he added.
The changes have been approved by the Banking Association, the Minister highlighted.
Minister Varga also noted that due to increased competition among banks, they will not
necessarily be able to transfer the raised tax onto clients.
In addition, according to the Government’s proposal, the telecommunications tax would be
raised from HUF 2 to 3. The Minister stressed that individuals will be exempt from this
change as it will only apply to companies.
Finally, it was also proposed that mining royalties rise from 12 to 16 percent.
The new measures have been submitted to Parliament in order to keep Hungary's budget
deficit low and make sure that the European Union lifts the excessive deficit procedure
against the country.
The other reason is the inflation outlook: the Government calculated with an inflation rate
of 5.2 percent at the time when the 2013 Budget Act was adopted, and that was revised to
3.1 percent in the Convergence Programme. The latest developments; however, signal that
the pace of the deterioration of forint’s purchasing power will be even slower this year. The
rate of inflation has not been this low for forty years, he added. This is a factor which
households can profit from, but it cuts budget revenues.
With these measures, the Government aims to keep budget targets without passing on the
costs to households or without cutting wages and social benefits; requesting more of those
stakeholders which had formerly shared less of burdens.
17 June 2013