4.5 C
Ljubljana
sobota, 23 januarja, 2021

Hungarian PM Orban signals tax cuts, tough times for economy

BUDAPEST (Reuters) – Hungary will cut taxes on labor and for small firms, Prime Minister Viktor Orban said on Sunday as he warned of tough times ahead for a domestic economy hobbled by stagnation in the euro zone.

Hungary’s economy expanded 4.9% last year but on Friday the government cut its forecast for 2020 from 4% to 3.5%, which would be the slowest growth rate in four years.

“I see dangerous years ahead … We need to take serious steps to defend what we have achieved so far,” Orban said in an annual state of the nation speech that reviewed his decade in office.

“We will have to focus our efforts on preserving jobs in 2020 and also perhaps in the years after… In such times, tax cuts are needed. So, we will reduce the tax on labor and on small businesses,” he added without giving details.

A nationalist who has often clashed with European Union authorities over his clampdowns on immigration, Orban has pursued a mix of go-it-alone economic policies, shifting Hungary’s debt financing towards domestic borrowing while keeping the budget deficit low. 

 

Read MORE

 

Share

Latest news

PM Orban: We need a vaccine, because it means life

By: V4 Agency Hungarian people cannot die simply because Brussels' procurement is slow. We need to get a vaccine, Hungarian Prime Minister Viktor Orban told...

Why did Sledilnik covid-19 host Renata Salecl?

By: Aleš Ernecl / Nova24TV.si Sledilnik (Tracker) describes itself on Twitter as a platform that “collects, analyses, visualises data on covid-19 in Slovenia, for a...

Minister of Finance Andrej Šircelj: “European Funds will be used for the long-term projects that we have not worked on with great intensity so...

By: Sara Rančigaj / Nova24tv.si The Ministry of Finance is already preparing projects which will partially be financed with the European grants and loans. Priority...

Vinko Gorenak: They were in power, they gave up, and now they claim that they have united, even though they do not even believe...

By: Nina Žoher / Nova24tv.si After talks with the KUL coalition on Tuesday, DeSUS President Karl Erjavec officially withdrew consent for his candidacy for the...

Related news

PM Orban: We need a vaccine, because it means life

By: V4 Agency Hungarian people cannot die simply because Brussels' procurement is slow. We need to get a vaccine, Hungarian Prime Minister Viktor Orban told...

Generation Identity launches a new mission against illegal migrations in the Pyrenees

By A.S. French Generation Identity has launched a new action against illegal migrations and possible terrorist threats in the Pyrenees Mountains, which borders France and...

Hungarian Justice Minister Varga speaks up against ‘shadow bans’ by social media

by A.P. Following Poland's announcement that it has plans to begin taking anti-censorship action against social media companies that ban lawful content, Hungary is now seeking...

Sweden Democrats: tech giants must be held accountable

By: V4 Agency Tech giants have no right to restrict freedom of speech online, a lawmaker of the Sweden Democrats party told V4NA. Tobias Andersson...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share