Business assoc VOSZ signs cooperation agreement with government

Budapest, March 17, 2025 (MTI-ECONEWS) – A cooperation agreement between the government and the Confederation of Hungarian Businesses (VOSZ) was signed in Budapest on Monday.

Speaking at the signing, National Economy Minister Márton Nagy highlighted the importance of fostering close ties with representatives of the business sector and pointed to VOSZ’s participation in talks on a three-year minimum wage agreement that aimed to boost the minimum wage to EUR 1,000/month and the average wage to HUF 1 million/month. He also acknowledged VOSZ’s contribution to the rollout of an economic policy action plan.

Nagy said that the government planned to raise the revenue and headcount thresholds for eligibility for the Small Business Tax (KIVA) from HUF 6bn to HUF 12bn, and from 50 to 100, respectively, from the start of 2026. He said that the government was backing the development of a VOSZ internet application and mentioned the launch of a HUF 2bn VOSZ project to support targeted developments at startups.

VOSZ head János Eppel said the confederation was working with the ministry to improve companies’s energy efficiency and support the green transition. Fielding questions, Nagy said food price inflation would be “closer to 9pc than to 10pc” in March, but could fall under 7pc in April. Speaking his own opinion, he said tax cuts outlined by opposition politician Peter Magyar could add up to more than HUF 3,000bn. Nagy said the government aimed to achieve the 3.7pc-of-GDP general government deficit target for 2025. VAT revenue is developing in line with expectations, he added.

He said talks had been held with the Hungarian Banking Association on reducing bank account fees. He added that the offer lenders had made was “too little for the time being” and warned that fees could be capped if an agreement wasn’t reached.