Finance Minister Mihály Varga said the total amount of tax cuts, pensions and wage increases will be close to HUF 3,300 billion (EUR 8.3bn) this year.
In a post on Facebook, the minister said the government was protecting Hungary from an economic crisis caused by the war. As a result, it will preserve family support, maintain the value of pensions and wages and will reduce the budget deficit and public debt, he added. Taxes on labour will be reduced by a total of 750 billion forints, tax rebates for families will total HUF 685 billion, pension increases in January and July will total HUF 400 billion and 13th-month pensions will total HUF 370 billion, he said. “Whereas the left-wing is talking about the threat of austerity, reality shows something very different,” he said, adding that next year’s budget will be dedicated to protecting utility fees and defence, with HUF 670 billion allocated for a utility fee protection fund and HUF 842 billion for a defense fund.
Photo credit: Facebook/Varga Mihály