Select a language
To avoid a continuation of the EU excessive deficit procedure, on June 17, the Hungarian government announced a fresh batch of austerity measures.
In late May, the European Commission proposed to abandon the excessive deifict procedure, to which Hungary has been subjected since its entry into the union in 2004, points out Népszava.
The announced measures include, an increase in the tax on financial transactions (from 0.3 to 0.6 per cent) and on bank transfers ( from 0.2 per cent to 0.3 per cent), as well as a mining royalties.
The provisions, which will come into force in the month of August, have come hot on the heels of an intial series of austerity measures decided in May, which included a freeze on spending in 2013 and 2014, equal to 0.3 per cent of GDP.
Was this article useful? If so we are delighted!
It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.
Discover our subscription offers and their exclusive benefits and become a member of our community now!
