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Hungarian parliament adopts 2017 budget

Xinhua, June 13, 2016 Adjust font size:

Hungarian parliament adopted the 2017 national budget on Monday with a simple majority vote.

The new budget anticipates a 3.1 percent economic growth and a deficit of 2.4 percent of the GDP, and will cut the debt index from 73.5 percent (expected at the end of 2016) to 71.9 percent at the end of 2017.

The new budget contains some tax cuts. The Value Added Tax (VAT) on some foodstuffs will go down to 5 percent and the VAT on Internet access fees will drop to 18 percent from the current 27 percent.

The income tax remained a flat rate of 15 percent.

It includes a European Union development budget with inflow of 1545 billion forints (5.58 billion U.S. dollars) and an outflow of 2239 billion forints, leaving a deficit of 694 billion forints.

It has also calculated with an exchange rate of 312 forints/euro and 282.8 forints/dollar and an overall national debt of 26936 billion forints at the above rates. (1 U.S. dollar = 277 forints) Endit