Demo tonight to celebrate internet tax victory

The Facebook group that organized two marches against the internet tax called for a demonstration at József Nádor tér at 6 pm this evening, to celebrate Prime Minister Viktor Orbán's decision to delay the tax. Two previous demonstrations this week brought as many as 100,000 to the square, and appear to have caused Orbán's change of heart.

Critics sceptical of Orbán's retreat on tax

The recent announcement by Hungary’s Prime Minister Viktor Orbán that he would delay a decision on the internet tax until next year, and allow the public to weigh in with a "national consultation" was received with sceptecism by opposition critics.

BBJ in print: Taxes and real estate

Aside from the internet tax, what do economic analysts think of the proposed tax package? How did a battle for the cooking oil market boil over into a diplomatic fracas? What are analysts saying about the Hungarian real estate market? Find out in the latest edition of the Budapest Business Journal, on newsstands now!

Orbán delays internet tax, plans public input

Prime Minister Viktor Orbán said today in his regular fortnightly radio interview that the proposed internet tax “cannot be introduced in its present form.” He said the tax needs to be discussed early next year, and a “national consultation” should take place in mid-January.

Government submits 2015 budget bill

The Hungarian government submitted the 2015 budget bill today, a day earlier than the legal deadline. The bill calls for central government revenue of HUF 16.3 trillion and expenditures of HUF 17.2 trillion, which would result in an expected deficit of HUF 877.6 bln, MTI reports. It also reportedly counts on HUF 25 bln from the controversial internet tax.

ECONOMY

Szijjártó: Hungary to build two motorways to Slovak border by 2020

Hungary is planning to build two motorways leading to the Slovak border by 2020, Hungarian Foreign Minister Péter Szijjártó said in Bratislava yesterday following talks with Slovak Deputy Prime Minister Lubomir Vazny. The projects are expected to be part of the Miskolc-Kosice and Rajka-Bratislava motorways, Szijjártó added.

OPINION

Added value

Experts say companies’ export financing provide significant business opportunities. In this interview, István Fetter, head of CIB’s Trade Finance Division, talks about his bank’s offerings in this area.

BUSINESS

Euronics operator revenue to exceed HUF 50 bln

Vorosko, the operator of the Euronics retail chain in Hungary, expects the company’s revenue to climb 18% reaching HUF 50.5 bln by the end of this year, the company informed Hungarian news agency MTI.

BUSINESS

GAMMA Properties to manage IVG’s Hungarian portfolio

GAMMA Properties took over the asset management of IVG’s Hungarian portfolio on October 1. In a press release published yesterday, IVG stated that it belives GAMMA is the perfect candidate for managing its portfolio.

ECONOMY

MTel shares jump on tax retreat

Magyar Telekom's, the Hungarian unit of German telecoms giant Deutsche Telekom, share price jumped at the start of trade today after Prime Minister Viktor Orbán said a planned tax on internet traffic could not be introduced in its current form.

ECONOMY

INA profit up 21% y.o.y. and 51% in 9 mos.

Croatian oil and gas company INA, subsidiary of its Hungarian peer MOL, had net profits attributable to shareholders of HRK 211 mln in the third quarter, up 21% on HRK 175 mln a year earlier.

ECONOMY

Corporate tax revenue target HUF 341 bln in next year's budget bill

The 2015 budget bill, submitted by the government to Parliament on Thursday, targets revenue from corporate tax of HUF 341.4 bln, under the HUF 358.8 bln target in this year's budget, according to news agency MTI. 

OPINION

A hostile climate

On October 13, U.S. Secretary of Defense Chuck Hagel delivered a major address on climate security at the Conference of the Defense Ministers of the Americas in Lima, Peru. During his speech, he announced the release of the U.S. Department of Defense’s (DoD) most comprehensive Climate Change Adaptation Roadmap to date.

POLITICS

Internet tax will backfire, ISPs warned

A weakening SME sector, slowing economy and loss of billions of euros of EU funding are just some of the potential consequences of the internet tax proposed by the government according to a draft letter addressed to János Lázár and Antal Rogán – FIDESZ MP Rogán submitted the legislation – by the major internet service providers, nol.hu revealed yesterday.

ECONOMY

BUX up after budget bill

The Budapest Stock Exchange's main BUX index finished up 1.47% at 17,146.97 Thursday, after falling 0.82% Wednesday. It is down 7.63% from the end of last year, after it rose 2.15% in 2013. After four days of falls, the Budapest parquet corrected up as next year's budget bill came in with no new tax surprises compared to expectations.

ECONOMY

Forint up on auction results

The forint was trading at 308.31 to the euro late Thursday on the interbank forex market, up from 309.53 late Wednesday.  At 309.43 to the euro early Wednesday, the forint moved between 308.08 and 309.98.

ECONOMY

ÁKK sells more than planned 5- and 15-year bonds at auction

Unlike the recent short-term auctions, demand was strong at the Government Debt Management Agency's (ÁKK) bond auction on Thursday. ÁKK raised its sale of five- and 15-year bonds and sold the originally offered amount of three-year bonds.

ECONOMY

Hungary to join European Space Agency

Hungary will soon join the European Space Agency (ESA), Hungarian business daily Napi Gazdaság said today. According to the newspaper, a government decree on membership in the association could be published in days.

ECONOMY

Czomba: More fostered workers in 2015

The government plans to offer fostered worker employment to another 50,000 people from July 1, Sándor Czomba, state secretary responsible for labor market and vocational training, said yesterday, according to MTI. The average gross earnings of fostered workers in August was reported to be HUF 78,000 a month, which is less than minimum wage. 

ECONOMY

Appeals court confirms three first-instance rulings

The Budapest Municipal Court of Appeals confirmed on Wednesday first-instance rulings rejecting the loan contract defense cases of Erste Lakaslizing, Santander Consumer Finance and Argenta Credit against the state of Hungary.

BUSINESS

MOL announces approval of Akri-Bijeel field development plan

Hungarian oil and gas company MOL said Thursday that the Field Development Plan (FDP) for the Akri-Bijeel Block in Kurdistan has been officially approved by the Minister for Natural Resources of the Kurdistan Regional Government, MTI reported today.

ECONOMY

Report: Multinationals offer better jobs

In spite of official government rhetoric, big multinational corporations offer better jobs in Hungary and Hungarians prefer working for these corporations, according to research published by vg.hu today. 

BUDAPEST

Controversial congestion levy expected in 2016

The long anticipated Budapest congestion levy may finally be introduced in 2016, according to a report by figyelő.hu. Widely considered an unpopular measure, the bill would limit traffic within the Buda and Hungária ring roads. 

ECONOMY

Szijjártó to meet British counterpart during visit to Slovakia

Foreign Minister Peter Szijjártó will have bilateral talks with British foreign minister Philip Hammond on Hungary-UK ties and economic cooperation during a visit in Slovakia today, a foreign ministry announcement of the visit says.

BUSINESS

Hungary 54th in the World Bank's Doing Business survey

Hungary kept its ranking as 54th in a comparison of how easy it is for domestic firms to do business in 189 economies, according to the latest "Doing Business" survey of the World Bank, published yesterday.

expert opinion

A hostile climate

A hostile climate

Sherri Goodman

The MarkNews