Hungarian Government spending to be cut HUF 200bn-220bn

Governnment spending must be cut by HUF 550bn compared to original plans next year and by HUF 650bn in 2011, he said. The cuts will require the excecution of a series of long-delayed structural reformsMr Gyurcsany said noting that planned tax changes will on the whole be neutral.
Mr Gyurcsany said they will initiate changes in five fields, including the tax, the social, the pension system, in the field of economic policy subsidies and sectoral support and on the political and government structure. Tax changes proposed by the governemnt will be neutral to the budget balance this year, with tax reduction worth HUF 800-900bn and tax rises of the same volume, Mr Gyurcsany said. In 2010-2011 the tax changes will result in a slight net drop of budget revenues, he said, adding that the revenue shortfall will not be more than some 10 billion forints.

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