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May 16, 2018

Finance minister: Hungary will aim to further reduce taxes for both private individuals and businesses

Minister Varga said the new cabinet wants to achieve full employment and targets annual GDP growth of around 4 percent until 2022

Hungary’s finance minister has said the new government will aim to further reduce taxes for both private individuals and businesses.

Mihály Varga, nominee fo finance minister, told a hearing at a parliamentary committee on Tuesday that the new government’s economic policy goals will remain unchanged, and the foundation for these is establishing a labor-based society

Minister Varga said the new cabinet wants to achieve full employment and targets annual GDP growth of around 4 percent until 2022. He also said the government wants to balance the budget and continue to reduce state debt relative to GDP.

The minister was endorsed in his new role by ten votes of committee members. Two members voted against and two abstained.