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Hungary Issues Budget Warning

by Tatiana Smolenskaya, Tax-News.com, Moscow

17 September 2015


Hungary's Minister for National Economy, Mihály Varga, has raised the prospect of a possible budget adjustment.

Referring to the current refugee crisis in Europe, Varga said that the additional costs imposed upon Hungary are significant: over HUF30bn (USD109m) so far.

He stated that the costs, particularly in policing and security, can be covered in the short term by re-allocations of fiscal revenues. However, this will not suffice over a long period. He warned that if the influx of displaced people continues then a fiscal adjustment to the budget will become necessary.

Hungary's 2016 Budget, when announced in May, contained no new taxes or increases in rates.

TAGS: tax | economics | Hungary | fiscal policy | budget | Immigration | Europe | Economy | Immigration

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