The Government has given the economy minister, Mihály Varga, a mandate to remove foreign-currency denominated mortgages from the Hungarian financial system, Prime Minister Viktor Orbán said in his regular morning interview on Kossuth public radio, adding that a solution is required, which does not endanger the financial system.

The Prime Minister again raised the possibility of introducing a higher 30-35% VAT rate on luxury articles, emphasising the need for a just taxation system.

He also announced that in addition to the increase in VAT on luxury goods, next year’s taxation bill will also include the extension of family tax allowances, a measure that will help several thousands of families.

(Prime Minister’s Office)