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Hangary’s Mediterran Magyarország revenue increases 14% over HUF 7bn last year

BUDAPEST: The Hungary’s Mediterran Magyarország roof tile manufacture stated that the company’s revenue climbed 14% to HUF 7 billion in last year. Exports, to 12 countries in Europe, generated 60% of its revenue. The company said it manufactured 33 million tiles last year, enough to cover the roofs of 16,000-18,000 homes. As of March 30, the company will change its ... Read More »

Hungary may review taxes on telecommunication in 2016

BUDAPEST: The Economy Minister Mihaly Varga said that Hungary may review special taxes on the telecommunications sector as the economy grows. Varga did say whether that meant the government might reduce or remove the tolls on phone calls, text messages and infrastructure though he said the review would follow the phasing out of a similar tax on retail. The levy ... Read More »

Hungarian Customs seizes 27 tonnes loose tobacco in 2014

BUDAPEST: 27 tons of loose tobacco has been confiscated and seized by Hungarian tax and customs authority last year, up from the previous year’s 6.7 tons, while legal sales fell from 12 bln to 7.3 bln, with loose tobacco sales remaining unchanged at 5,000 tons. National tobacco stores booked revenue of HUF 535 billion. According to the paper’s calculations, a ... Read More »

Hungary’s Magyar Telekom decides to appease investors with dividend

BUDAPEST: Hungary’s leading telecommunication service provider, Magyar Telekom has planned to make its investors happy by paying them dividend in 2016 after a two-year interval. However the answer is not clear yet that how much they are going to pay. The intention, however, definitely sends a message to shareholders: in view of the current operating, regulatory and taxation environment and ... Read More »

‘Spar’ going to continue in Hungary, says Austrian chief

ATHENS: Austrian Spar supermarket’s head Gerhard Drexel has confirmed that Spar supermarket has no intention of pulling out of Hungary and that it is going to continue functioning there, though the company objects to some regulations in the country. “Business is booming for the company in Hungary, which is why it will not withdraw from the country simply because of ... Read More »

Hungary becomes world’s 15th Chinese pork supplier, 22nd to access Chinese market

BUDAPEST: Hungary has becomes the world’s 15th Chinese pork supplier when it launched a shipment of 25.68 tons of frozen pork knuckle to China Tianjin port. Now also being the world’s 22nd country with access to China’s meat market. According to Hungarian news agency MTI, the agreement, which grants Hungary access to the Chinese pork market, was signed last year. ... Read More »

Hungarian association of insurers counters post-crisis expansion

BUDAPEST: An expansion had been experienced by the Hungary’s home insurance market since the beginning of the economic crisis, the Hungarian Association of Insurers (MABISZ) told Hungarian news agency MTI. Approximately 2,999,000 of the 4,200,000 homes in Hungary were insured last year, a number which grew from the preceding year’s 2,985,000, however, was still under the pre-crisis level of 3,078,000. ... Read More »

Hungary to modify advertising tax

BUDAPEST: Hungary is going for changing plans of its advertising tax saying the European Commission has concern about this particular legislation. Therefore to take the response of EU’s executive is important about such latest developments. János Lázár, minister at the helm of the Prime Minister’s Office, announced on Tuesday evening that the cabinet was to modify the advertising tax, replacing ... Read More »

Used car imports to Hungary rise 36.8% to 96,747 YOY in 2014

BUDAPEST: Imports of used cars to Hungary jumped by a year-on-year 36.8% to 96,747 in 2014, with light commercial vehicle imports increasing by 43.3% to 10,643, the only used-car seller in Hungary with a nationwide sales network (DasWeltAuto) told Hungarian news agency MTI today. More than half (58%) of the imported cars were older than ten years and 20% of ... Read More »

Hungary signs social security accord with US

BUDAPEST: Hungary’s Human Resource Minister Zoltan Balog and US Ambassador to Hungary Colleen Bell signed a social security agreement which will ensure more evenhanded and fairer conditions for citizens of both countries, said Colleen Bell, Minister Balog said that the most important aim of cooperation between the two countries “must be a mutual improvement in the quality of life of ... Read More »

Canadian-owned Hungarian unit Linamar launches HUF 5 billion investment in Oroshaza

BUDAPEST: The Canadian-owned Hungarian unit, Linamar which is the farm machinery and automotive parts manufacturer has launched a HUF 5 billion investment in Oroshaza in south eastern Hungary. The project, which is expected to create 150 jobs, was supported with a HUF 1.6 bln European Union grant. According to the expectations of Hungary’s economy minister Mihály Varga, the company will ... Read More »

Hungarian Banks get HUF 40billion deposits after tax amnesty

BUDAPEST: The National Tax and Customs Office (NAV) showed on its website that Hungarian banks have been deposited with HUF 37.9 billion by having opened 610 “Stability Saving Accounts” last year. The origins of deposits made on the accounts are not scrutinized by the tax authority, nor does NAV require banks to report the names of account holders. The deposit ... Read More »

Hungary Customs seizes 75 ton potato with newly electronic control system

BUDAPEST: Hungary’s Customs officials and National Tax Administration (NAV) of Szabolcs-Szatmar-Bereg County have seized 75 tons of polish potatoes that were not marked with the necessary Electronic Road Transportation Control System (EKAER) number. EKAER audits allowed the NAV of Szabolcs-Szatmár-Bereg county to find a group operating at the warehouse premises where the unmarked potatoes, allegedly shipped from Poland, were found. ... Read More »

Hungary’s Socialist party insists on gas, electricity price cuts

HUNGARY: The retail price cuts have been demanded in Hungary by the Socialist party, for the commodities of gas, electricity and heating. A 20 percent cut in gas price, 10 percent cut in electricity and heating prices have been suggested by them due to globally shrinking price trends. Bertalan Toth, the deputy group leader of the party, told a press ... Read More »

5 Bulgarians of Maltese tanker crew arrested for attempting to smuggle oil products in Libya

LIBYA: Five Bulgarian nationals, who are allegedly said to be members of a Maltese tanker vessel has been arrested in Libya for attempting to smuggle oil products. However being held in detention they were later visited by Hungary and Italy Consular officials for the confirmation of being in good health and were treated well, on Foreign Ministry’s call. The Moldova-flagged ... Read More »