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Hungarian parliament adopts 2016 budget

Xinhua, June 23, 2015 Adjust font size:

Hungary's parliament adopted the country's 2016 budget at a special session on Tuesday, fully six months ahead of the usual adoption date, with 119 MPs voting in favor and 63 opposed.

The approximately 15,800 billion forint (about 57.5 billion U.S. dollars) budget includes a deficit of about 761 billion forints and a government debt of about 25,898 billion forints or roughly 73.3 percent of gross domestic product, down by 1 percentage point from the 2015 figure.

The budget calls for a 1 percentage point drop to 15 percent in the current personal income tax, now at a rate of 16 percent. The Value Added Tax has been left unchanged at 27 percent, and is currently the highest in the European Union.

The budget has reduced the special tax on banks (one of the steepest in Europe) by 65 billion forints in an effort to boost lending. The special tax on the telecom sector, amounting to 56 billion forints, has remained in place.

Hungary has a foreign debt of 5.5 billion euros (6.16 billion U.S. dollars) due in 2016. Endit