Orbán Viktor Announces Major Tax Cuts and Economic Plans in Annual Review Speech
The Hungarian Prime Minister unveils Europe's largest tax reduction initiative alongside various measures aimed at economic recovery and social issues.
In a highly anticipated annual review speech held at the Várkert Bazár, Hungarian Prime Minister Viktor Orbán outlined ambitious plans for 2025, including the announcement of Europe's largest tax reduction program.
The speech took place in a politically charged atmosphere, with previous discussions at a FIDESZ-KDNP faction meeting addressing issues ranging from government relations with Brussels to the situation in Ukraine.
Orbán began his address by reflecting on last year’s challenges, including the loss of the presidency and the ongoing war, while acknowledging the government’s resilience in recent European parliamentary elections.
He asserted the importance of national pride, crediting Hungarians for their role in global change and underscoring the difficulties faced in the past year.
Focusing on economic policy, Orbán announced a plan to double child tax credits, benefiting approximately one million families.
He introduced measures to entirely exempt parental benefits from personal income tax and provide lifelong tax exemptions for mothers of three or more children.
The operational changes for tax exemptions are set to roll out in stages starting this October.
In addressing housing issues, the Prime Minister mentioned the introduction of a 5% interest cap on housing loans beginning in April.
Additionally, he presented a plan aimed at reducing inflation and maintaining economic stability, which will involve negotiations with commercial chains to control food prices and potential regulatory measures if agreements cannot be reached.
Orbán also highlighted a commitment to maintaining Hungary's pension system, countering European Union claims of its unsustainability.
He argued that a productive workforce and rising salaries can secure pension safety without compromising the rights and needs of retirees.
On the international front, Orbán spoke concerning the conflict in Ukraine, suggesting that its future EU membership should be determined by Hungarian interests, emphasizing that Hungary would not support Ukraine's accession if it posed a threat to national sovereignty.
He voiced concerns over an impending global trade war and stressed the government's commitment to fostering a job-based economy.
In a wider context of anti-drug measures, Orbán announced a zero-tolerance policy against synthetic drugs flooding the market, affirming that new leadership would be appointed to address this urgent issue.
The speech concluded with a promise of increased security measures for rural communities and a reassertion of support for cash payments, citing concerns over digital currency's potential to bind people to financial institutions.
Prime Minister Orbán’s announcement of sweeping reforms and high-impact economic measures signals a pivotal year ahead for Hungary as it navigates both domestic and international challenges.
The speech took place in a politically charged atmosphere, with previous discussions at a FIDESZ-KDNP faction meeting addressing issues ranging from government relations with Brussels to the situation in Ukraine.
Orbán began his address by reflecting on last year’s challenges, including the loss of the presidency and the ongoing war, while acknowledging the government’s resilience in recent European parliamentary elections.
He asserted the importance of national pride, crediting Hungarians for their role in global change and underscoring the difficulties faced in the past year.
Focusing on economic policy, Orbán announced a plan to double child tax credits, benefiting approximately one million families.
He introduced measures to entirely exempt parental benefits from personal income tax and provide lifelong tax exemptions for mothers of three or more children.
The operational changes for tax exemptions are set to roll out in stages starting this October.
In addressing housing issues, the Prime Minister mentioned the introduction of a 5% interest cap on housing loans beginning in April.
Additionally, he presented a plan aimed at reducing inflation and maintaining economic stability, which will involve negotiations with commercial chains to control food prices and potential regulatory measures if agreements cannot be reached.
Orbán also highlighted a commitment to maintaining Hungary's pension system, countering European Union claims of its unsustainability.
He argued that a productive workforce and rising salaries can secure pension safety without compromising the rights and needs of retirees.
On the international front, Orbán spoke concerning the conflict in Ukraine, suggesting that its future EU membership should be determined by Hungarian interests, emphasizing that Hungary would not support Ukraine's accession if it posed a threat to national sovereignty.
He voiced concerns over an impending global trade war and stressed the government's commitment to fostering a job-based economy.
In a wider context of anti-drug measures, Orbán announced a zero-tolerance policy against synthetic drugs flooding the market, affirming that new leadership would be appointed to address this urgent issue.
The speech concluded with a promise of increased security measures for rural communities and a reassertion of support for cash payments, citing concerns over digital currency's potential to bind people to financial institutions.
Prime Minister Orbán’s announcement of sweeping reforms and high-impact economic measures signals a pivotal year ahead for Hungary as it navigates both domestic and international challenges.
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