Finance Minister Mihály Varga said the bill is designed to guarantee Hungary’s security, maintain economic growth, support families and pave the way for full employment.
Next year’s budget targets economic growth of 4.1 percent and a budget deficit of 1.8 percent of GDP based on European Union accounting rules. The public debt is seen dropping to 70.3 percent from 72.9 percent of GDP.
Among the most important social programs, Mihai Varga (Varga Mihály) noted that next year the tax cuts are also set to continue with two percentage reduction – from 19.5% to 17.5%.
The targeted reserves for next year include 78.4 billion forints for pay rises in the public sector and 40 billion forints for the development of public services.
The budget allocates 242 billion forints for the government’s family home purchase subsidy scheme CSOK. Tax benefits for families with two children will rise to 40,000 forints, the minister said.
The final vote on the bill is expected on July 20.
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