• Coronavirus in Hungary
  • Budapest
  • Hungary border control
  • HelloMagyar
EnglishFrenchGermanSpanish
EnglishFrenchGermanSpanish
Coronavirus – Operative board for protecting economy establishedCoronavirus – Operative board for protecting economy establishedCoronavirus – Operative board for protecting economy establishedCoronavirus – Operative board for protecting economy established
  • Politics
  • Business
  • Society
  • Sport
  • Culture
  • Special Hungary
  • News To Go
  • World
  • Contact Us
  • About us
  • About us
  • Contact Us
  • Privacy Policy
✕
Breaking News
  • Hungarian government continues sacking hundreds of high-ranking military officers

Support us
Daily News Hungary Daily News Hungary · 20/06/2020
· Business

Coronavirus – Operative board for protecting economy established

economy Hungary investment money tax/VAT
Hungary-Finance-Minister-Mihály-Varga

Budapest, Hungary. Photo: MTI

Managing the coronavirus crisis has cost Hungary 1,400 billion forints (EUR 4.04bn) so far, Finance Minister Mihály Varga said in an interview to the Saturday issue of the daily Magyar Nemzet, adding that an operative board in charge of protecting the economy is being set up to streamline regulations that may act as a drag on economic growth.

Hungarian firms will benefit from the establishment of an operational board in charge of protecting the economy, he said. It will comprise representatives from 8-10 state authorities such as the tax office, the consumer protection office and the state treasury, and is scheduled to hold its first meeting next week.

orbán V4 conference
Read alsoOrbán: 2021 year for economy protection

Varga noted that the government has established a 633 billion forint fund to cover health-related expenses, and 480 billion forints of this has been tapped so far.

Fully 904 billion forints of the 923 billion forint fund for job protection and investment support has been spent so far.

None of this includes the costs of temporary tax forgiveness or reductions as well as a moratorium on paying back loans.

Fully 9,000 billion forints, or 20 percent of GDP, is being spent on mitigating the health and economic effects of the epidemic.

Varga said Hungary was among the most effective countries in protecting itself against the epidemic.

győr-audi-orbán
Read alsoOrbán: Rebooting economy requires major govt support

The economy protection fund in next year’s budget is worth 2,500 billion forints, while 3,000 billion will cover the health insurance and epidemic protection funds, he said.

Varga said work was under way to restructure Hungary’s hospitals, adding that hospitals had built up unsustainable debts, distorting the health-care supply market.

This issue can be addressed with government subsidies for health-care investments, he added.

The minister said the economy was likely to contract by around 3 percent this year, while the budget deficit was expected to exceed 3.8 percent. Public debt, meanwhile, may just tip above 70 percent of GDP once more.

The primary focus will continue to be jobs and stabilising the economy, Varga said. A single-digit personal income tax continues to be among the government’s long-term plans, he added.

Source: MTI

economy Hungary investment money tax/VAT
Share
Daily News Hungary
Daily News Hungary

Leave a Reply

Your email address will not be published. Required fields are marked *

SUPPORT US

Subscribe to our newsletter

Sign up to receive daily updates, news & stories about Hungary!

Select your location below or enter your country so we can deliver our morning newsletters to you in time.


Thank you!

You have successfully joined our subscriber list.


.

Latest news
  • What happened today in Hungary? – 8 February, 2023
  • Fuel prices to decrease again in Hungary from Friday
  • Here are the localities where the air quality is deteriorating
  • Hungarian government continues sacking hundreds of high-ranking military officers
  • Joint opposition PM candidate Márki-Zay founded new party
  • PHOTOS, VIDEO: Thousands of years old treasure found near Kecskemét
  • Hungary’s only MEP in the EPP: Africa food crisis threat to Europe’s security
  • The reality of Hungarian expats abroad: pasta in Italy costs half the price

About us

Contact us

Copyright rules

© 2023 DailyNewsHungary. All rights reserved! | Server and development by Svigelj Levente E.V