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IMF Urges Hungary To Reduce Sectoral Taxes

by Ulrika Lomas, Tax-News.com, Brussels

11 May 2016


The International Monetary Fund (IMF) has said that Hungary should carry out fiscal reforms, including broadening its tax base, to allow a further reduction in sectoral taxes and higher infrastructure spending.

The IMF statement follows a warning from the European Commission that the country's sectoral taxes have "contributed to historically low investment and productivity growth rates."

The IMF statement also said that the 2015 fiscal deficit came in below target, as revenues were propelled by accelerating economic activity, tax administration improvements, and one-off revenues, and were only partially offset by higher expenditures. For 2016, the deficit is projected to meet the two percent of gross domestic product (GDP) target, it said.

TAGS: tax | investment | economics | business | European Commission | value added tax (VAT) | Hungary | fiscal policy | gross domestic product (GDP) | International Monetary Fund (IMF) | tax reform | Europe

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