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Government Set to Raise 2023 Budget Deficit Target

HUNGARY
  • Hungary’s government plans to raise its budget deficit target to 3.9% of GDP from 3.5%, according to a decree by the budget council published on the parliament website on Tuesday.
    • Budget council members are NBH Governor Gyorgy Matolcsy and head of the State Audit Office Laszlo Windisch. The council notes it received the 2023 draft budget on Dec. 23 from Finance Minister Mihaly Varga.
  • According to the government decree on extra profit taxes, Richter Gedeon Nyrt. is expected to pay a windfall tax on pharmaceutical production of approximately 28 billion forints in 2022, the company said on the website of the Budapest Stock Exchange on Tuesday.
    • The statement recalled that the Hungarian government issued a decree on 4 June on new taxes on certain sectors, which was recently extended to the pharmaceutical industry on 23 December.

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