Finance Minister Mihaly Varga – Photo: MTI

Finance Minister: Tax cuts, pension, wage hikes to total nearly HUF 3,300 billion

The total amount of tax cuts and pension and wage increases will be close to 3,300 billion forints (EUR 8.3bn) this year, the finance minister said on Thursday.

Mihaly Varga said on Facebook that the government was protecting Hungary from an economic crisis caused by the war. As a result, it will preserve family support, maintain the value of pensions and wages and will reduce the budget deficit and public debt, he added.

Taxes on labour will be reduced by a total of 750 billion forints, tax rebates for families will total 685 billion forints, pension increases in January and July will total 400 billion forints and 13th month pensions will total 370 billion forints, he said.

“Whereas the left wing is talking about the threat of austerity, reality shows something very different,” he said.

Next year’s budget will be dedicated to protecting utility fees and defence, with 670 billion forints allocated for a utility fee protection fund and 842 billion forints for a defence fund.

Leave a Reply