PM encourages South Korean businesses to invest in Hungary

Hungarian Prime Minister Viktor Orbán encouraged South Korean businesses to invest in Hungary and make use of incentives offered under Hungary's economic strategy, while attending a business forum in Seoul today. Orbán is currently engaging in negotiations with a delegation of Hungarian government officials and businesspeople.

Orbán meets South Korean businesspeople

Hungary’s Prime Minister Viktor Orbán negotiated today with South Korean businesspeople about potential investment projects in Hungary. The meeting took place in Seoul, where the Prime Minister is spending the first day of his official visit to the Republic of South Korea.

Hungarian gov't wants to convince EC approve SME grants

The Hungarian government intends to give non-refundable support (grants) to small and medium-size businesses (SMEs) operating in the field of manufacturing industry, and tries to convince the European Commission (EC) to approve the move, Economy Ministry State Secretary Bela Glattfelder said yesterday. 

Private pension bill will not have retroactive effect

A bill submitted to Parliament by the government that would force private pension funds whose members are not paying their dues to wind up will not have retroactive effect, the National Economy Ministry said on Monday, responding to a query by Hungarian news agency MTI.

Parliament OKs bank law, sets FX conversion rate

The Hungarian Parliament today approved the law on converting retail mortgages denominated in foreign currency and the law on "fair banks", Hungarian news agency MTI reported. The laws are meant to assist borrowers hurt by the financial crisis of 2008 and subsequent declines in the value of the forint.

PM: China’s success is ‘spiritual trauma’ for EU

"Admitting that non-democracies are more successful than Europe is even more difficult than facing the EU's reduced competitiveness," Hungary’s Prime Minister Viktor Orbán told German business daily Handelsblatt today, adding that China's success is a "spiritual trauma" for Europe.

Opposition: Hungary is in deep poverty

Hungary’s leftist opposition Democratic Coalition (DK) lawmaker Tibor Zaveczki said last Friday that the country is on the road to full poverty, commenting on Eurostat data, which reveals that more than 26% of Hungarians (three times the EU average) are classed as seriously deprived.

Orbán: EU is a 'stalled project'

Hungary’s Prime Minister Viktor Orbán dubbed the European Union a “stalled project” – and said strong political leadership is needed to solve the continent's problems, which include high energy prices – in a speech in Baden-Baden, Germany on Friday.

Varga: Laying foundations for sustainable growth is key

The upcoming years should be spent laying the foundations for and ensuring sustainable growth, National Economy Minister Mihály Varga said at a conference organised by the Hungarian Business Leaders Forum (HBLF), adding that Hungary should achieve an annual growth rate of at least 4%.

Report: Bunge notified tax authority of VAT fraud cases over two years ago

American food company Bunge had informed the Hungarian Tax Authority (NAV) in detail about massive VAT fraud cases more than two years ago, hvg.hu revealed on Thursday. 

Fidesz MP proposes tighter interest spread on converted loans

The parliamentary group of the governing Fidesz party will initiate a tightening of the bill on FX loan conversions to prevent banks from circumventing the obligations to refund borrowers, group leader Antal Rogán told MTI on Thursday. 

Report: Ruling party’s campaign came with high price tag

Ruling party Fidesz and their coalition partner KDNP spent HUF 2.072 billion on the most recent municipal elections campaign; five times more than all the left-wing parties combined, and more than twice that of all other major parties combined, research by Átlátszo.huK-MonitorPolitical Capital and Transparency International Magyarország reveals.

PM: Hungary should be loyal to EU, NATO allies

As a member of NATO and the European Union, "Hungary should be loyal to its allies, but take all steps to defend its economic interests stemming from its geopolitical situation," Prime Minsiter Viktor Orbán said in an address to the Hungarian Diaspora Council in Budapest today, according to MTI.

Tax law passes; foreign firms to pay more

The Hungarian Parliament today approved the 2015 package of tax laws, including advertising, tobacco and "hypermarket" taxes that hit foreign companies harder than local ones.

Bill would mandate MFB with EU funding tasks

The government submitted a bill to the Parliament intended to clarify the law on the Hungarian Development Bank (MFB), desginating it with tasks related to European Union structural and development funding. The proposed bill is expected to task the MFB with managing funding applications, preparing decisions, executing financial transactions and monitoring processes.

Proposed changes to subsidy voucher system cancelled

The tax rate on the "cafeteria" system – a set of fringe benefits by which employees can choose the composition of non-wage allowances – will remain unchanged, news portal hvg.hu reported yesterday.

Kövér requests removal of EU flag from Parliament

Speaker of the Parliament László Kövér ordered the EU flag to be removed from the Parliamentary session, nol.hu reported yesterday. The Fidesz politician added that the Parliament is, for the time being, a place for the Hungarian national flag.

More than 10,000 demonstrate against government outside Parliament

Last night’s anti-government demonstration drew a crowd estimated at more than 10,000 to a protest outside the Parliament building that was organized by a group of students and young people. Demonstrators chanted slogans against Fidesz and Prime Minister Viktor Orbán in an event that was mostly peaceful, though some stragglers clashed with police after the event.

Varga: Attacks against tax office target the state

Economy Minister Mihály Varga said attacks against the Tax and Customs Authority (NAV) are in fact directed at Hungarian state institutions and the budget, in a TV interview shown yesterday on commerecial channel ATV. The minister said that NAV sees to its duties with integrity, and tax revenues are flowing at the appropriate rate.

Goodfriend: Hungary's lack of transparency and ties with Russia an issue

“Some Hungarian public officials are involved in cases of corruption. We have identified some of them and are denying them entry into the United States,” Chargé d’Affaires André Goodfriend said in an interview with news portal 444.hu, regarding the unnamed Hungarians recently banned from the U.S.

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