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Hungarian Government Submits 2025 Draft Budget

Hungarian Finance Minister Mihály Varga presented the government’s draft budget for next year to parliament on Monday. ‘The 2025 budget can be a budget for new opportunities, a budget for new economic policy, and a budget for peace,’ he emphasized…

Donald Trump’s Risky Tariff Proposal

‘The U.S. has dramatically evolved since its founding, when tariffs were the only source of revenue for the federal government. Despite the higher costs falling on American consumers and the harms to U.S. employment and production, especially in the manufacturing…
Finance Minister Mihály Varga holds a press briefing at the headquarters of the Hungarian State Treasury on 7 December 2023.

Finance Minister: Average Inflation Rate Estimate for 2024 5.2 Per Cent

The minister noted a ruling by Hungary’s Supreme Court, declaring that Budapest could not be even partially exempt from its obligation to pay its taxes. Varga said if the Budapest city council failed to meet its obligations, the government ‘will…
Finance Minister Mihály Varga at the award ceremony recognizing the best service dogs of the Hungarian National Tax and Customs Administration on 14 June 2022.

Tax Authority’s Shift to a Customer-Focused Mindset Has Proven a Success

Speaking at the National Tax Consultation event organized by the National Tax and Customs Administration (NAV), Finance Minister Mihály Varga stated that with the change in the tax authority’s mindset, NAV has succeeded in becoming a customer-friendly office. He highlighted…

Hungary is Ready to Discuss Double Taxation, Washington Remains Silent

Last year, the US terminated the 1979 double taxation avoidance agreement with Hungary. According to Szijjártó, the USG took this step in response to the Hungarian government not giving its consent to the introduction of the global minimum tax….

The Global Minimum Corporate Tax: Why Are Certain Visegrád Countries Reluctant to Embrace It?

A homogeneous tax would create a certain order in the taxation of multinational corporations, but for the Visegrád countries it could be a drag on economic development. If it is accepted, the countries in question will have to find other…

Blackmailing and Coercion as Ineffective Tools of Diplomacy

It looks like the Biden government may end up not being able to push its anti-growth tax cartel idea through anyway, beside finding that it is very difficult to coerce the Hungarian Prime Minister into doing anything that he does…

Global Minimum Tax: It’s Not Whether We Should, It’s When and How

Diplomatic disputes over the OECD’s global minimum tax have flared up recently after Hungary vetoed its implementation at the EU level. To be clear, Hungary is also in favour of equal burden-sharing by multinational companies, but it has serious concerns…
Boryspil,,Ukraine,-,March,23,,2018:,Ryanair,Chief,Executive,Officer

Ryanair-Hungary Row: What Is Excess Profits Tax Anyway?

Ryanair’s notoriously outspoken CEO has been hurling insults at top government officials over the excess profits tax, even though Budapest had every right (and reason) to introduce it….
Képernyőfotó 2021-10-23 - 23.52.56

Global Minimum Tax: A Wait-and-See Strategy Is Rewarding

The EU is not only acting to apply pressure in international taxation, but is also seeking legal harmonization among member states….

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