Hungary, tax cuts for small businesses - Prime Minister Orban presents package worth $272 million
Hungary has unveiled a tax relief package for small businesses worth up to $272 million. The package will be financed by a tax increase on banks ahead of next year's national elections, Prime Minister Viktor Orban said.
As it faces its third year of stagnation, Orban's government has announced major tax cuts for families, wage increases, food stamps for pensioners and other measures to bolster support.
Last week, his cabinet raised budget deficit targets to 5% for this year and next, doubling the tax on banks to $1.1 billion, while higher spending before the election derailed plans to reduce the deficit.
“We need to find a reasonable balance,” Orban said at a press conference. “For us, employment is important and jobs are mainly found in the manufacturing and services sectors, so they have priority.”
The Hungarian prime minister said the measures would include postponing a six-month increase in excise duty on fuel, costing $60 million, as well as providing tax breaks for energy companies, modernizing infrastructure and cutting taxes for small businesses.
Among other things, the government will include 5,000 more businesses in the small business tax and increase its limits in the retail sector, without changing the tax rates, affecting 3,500 businesses, Orban said.
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