In July the surplus of the central subsystem in the state budget was 80.2 billion forints. Last year, even ignoring the 500 billion-forint block purchase of MOL shares, the surplus for the same period was only around 40 billion forints, therefore a significant development of the budgetary position can be observed.
In contrast with news spread by newspapers, Mr. Gyula Pleschinger continues in his job as Minister of State for Taxes and Financial Affairs at the Ministry for National Economy.
In May 2012 average gross wages in the private sector increased by 9.4 percent, whereas net wages excluding family tax allowances were 6.5 percent higher in comparison to the same period of the previous year, which signals a wage increase above inflation -- the Hungarian Central Statistical Office (KSH) has reported earlier this morning in its statistical release.
Experiences in the past couple of years have proven that SMEs are unquestionably the growth engines of the European economy and therefore the Hungarian government considers the issue of SMEs a priority. It has been obvious that there cannot be a recovery from the financial and economic crisis without small enterprises which have to be freed of burdens weighing on their activities. The small enterprise tax about to be introduced also serves this end. This tax will set a new direction in the income tax system.
The government has endorsed new regulations on subsidies which can be provided as case-by-case government grants from the vocational training reserves of the National Employment Fund. As a result, the subsidy system aimed at helping meet the labour force demand of enterprises which invest in Hungary will be substantially simpler and more efficient.
In May 2012 according to workday-adjusted statistics the volume of industrial production increased by 1.9 percent in comparison to the same period of the previous year and seasonally and workday-adjusted data also signal a significant expansion of 3.2 percent. Unadjusted figures also show a more favourable result than the statistics of April: in May there was a decline of only 0.4 percent compared to the level of one year ago.
As a result of the Job Protection Action Plan, tax liabilities of employees and small enterprises will decline by 300bn HUF. Taking into consideration that that the proportionate flat rate personal income tax system left 500bn HUF at taxpayers and families, and levies on the profits of small enterprises have been reduced by 150bn HUF, together with the measures announced lately which total 300bn HUF and are aimed at cutting burdens the tax liabilities on employment will be almost 1000bn HUF lower.
The Agreement is aimed at increasing the output of the company in Hungary and fostering supplier co-operation
According to the latest flash report of the Hungarian Central Statistical Office, in January-April 2012 the volume of exports increased by 0.7 percent in comparison to the corresponding period of 2011, while the volume of imports declined slightly by 0.2 percent. Foreign trade balance has still registered a significant surplus of 626bn HUF (2 125 million EUR) for the initial four months of the year.
The Ministry for National Economy and the governing Fidesz-KDNP alliance have agreed on a HUF 300 billion financial relief package as part of the 2013 budget.