Hungary’s Incoming Cabinet Seeks to Cut Taxes and Fix Bank Ties
Summarize this article with:
Article content(Bloomberg) — Hungarian premier-elect Peter Magyar’s incoming cabinet plans to cut taxes for low earners and held talks to repair ties with banks that frayed under Viktor Orban’s tumultuous 16 years in power.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentIstvan Kapitany, who will be in charge of the economy and energy after the Tisza party takes over next month, said one of the first steps will be to lower personal income tax on the minimum wage to 9%, according to a social media post late Wednesday. Hungary currently has a flat 15% levy on most salaries, though Orban has introduced a slew of exemptions for families.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentBig Bet on Orban’s Exit Came From Center of His Family’s EmpireArticle contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe aim of the Tisza party, which beat Orban in an election landslide this month, is to make economic policy more predictable and reduce inflation, Kapitany said. Magyar’s team is pledging to improve the business climate after frequent recourse to ad hoc taxes and disputes with investors during Orban’s tenure. Article content“We’ll also make the tax system fairer,” Kapitany said. He didn’t specify how the party intended to finance the tax cuts given the bloated budget deficit they will inherit.Article contentSeveral top companies have signaled their willingness to work with the new leadership. Andras Karman, nominated for finance minister, on Wednesday held talks with the Hungarian banking association. Article content“The Tisza government considers the domestic banking sector as a partner,” Karman said on his social media page. He reiterated that the party wants to create a stable environment which can help the financial system grow.Article contentKarman is a former executive at Erste Group Bank AG’s Hungarian unit, a lender which became a target of Orban’s criticism during the election campaign along with Kapitany’s former employer, Shell Plc.Article contentTrending An old factory in Welland, Ont., sat derelict for years — until someone discovered it could be worth billions Mining U.S. trade czar threatens Canada over boycott that’s hurting booze makers Retail & Marketing Canadian telecom Rogers goes into tailspin as price war heats up Telecom Should Caroline, 62, defer CPP and OAS until age 70, or even delay retirement entirely?
Personal Finance Posthaste: Canada's home prices have now been falling for four years — and haven't hit bottom yet News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. An old factory in Welland, Ont., sat derelict for years — until someone discovered it could be worth billions Mining U.S. trade czar threatens Canada over boycott that’s hurting booze makers Retail & Marketing Canadian telecom Rogers goes into tailspin as price war heats up Telecom Should Caroline, 62, defer CPP and OAS until age 70, or even delay retirement entirely?
Personal Finance Posthaste: Canada's home prices have now been falling for four years — and haven't hit bottom yet News