Hungary’s newly proposed tax measures – if approved – could improve the budget balance by up to 100 billion forints, the National Economy Ministry responded to state-owned newswire MTI’s inquiry on Monday.

The ministry added, though, that until lawmakers decide to approve the bill further details will not be disclosed, given that the Parliament’s decision can influence the size of revenues to be collected from the new levies.

Economy Minister Mihály Varga has announced in the morning that in order to keep the budget deficit low, i.e. below the EU’s 3% of GDP threshold, and to make sure the excessive deficit procedure (EDP) is not reopened for the country once it is allowed to exit the cabinet plans to raise the rate of the financial transaction tax (FTT), the mining royalty fee, the telecom tax and impose a healthcare contribution on interest and capital gains too as of August. The amendment proposals are expected to be discussed by Parliament today.

Source and more information, visit: Portfolio