Tax Changes Cannot Have Bigger Budget Impact Than HUF 300 Bn

"Hungary may spend up to HUF 300 billion on competitiveness enhancement projects, including the revampment of the taxes and contributions regime, which means these measures may have a financial impact this big on the budget, business daily Világgazdaság cited Prime Minister Ferenc Gyurcsány as telling this year's kick off meeting of the Socialist Party (MSZP) behind closed doors.

The Budapest stock exchange, one of the world’s best performing bourses in 1996-1998, slumped badly each year in the new millennium. But in the past 18 months interest has again began to pick up. Last year two new companies were listed - the first for several years - and the Bux index, the basket of the most important shares, finished trading in December at 9,380, up 20% on the year. That was on top of a rise of 10% in 2002. The question now is, in the year of Hungary’s EU accession, can the BSE continue growth, and if so, how? Gedeon Richter, the Hungarian pharmaceutical company, is located in a less than attractive area of town. Driving toward Ferihegy airport, as you climb up the flyover near Kôbánya-Kispest railway station, look to the left and you may see its RG trademark on a big utilitarian box of a building half a mile distant, across an industrial landscape of railway lines, factories and warehouses, many abandoned and vandalized. Hardly a prime location. But Richter shares last year certainly proved to be a prime location for savings. The canny investor who pumped a million forint into Richter stock in December 2002 could have taken out HUF 1.65 million this new year’s eve, a spectacular return in just 12 months. The rise in dollar terms, due to exchange rate moves, was even more flattering, the share price soaring from USD 66 to over USD 118, a gain of 70%. Click here for the full story, Business Hungary, Published for the American Chamber of Commerce in Hungary by DUAX Kft.!
06.02.2008

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