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Hungarian report Hungarian report
by Euro Reporter
2008-09-14 08:11:43
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Budapest airport’s loses

Budapest Airport, the operator of Hungary’s Ferihegy International Airport, posted a loss of some HUF five billion in 2007, nearly the double of the 2006 negative result, Portfolio Hungary reported on September 4.
The company said the marked deterioration is attributable to rising interest expenses on loans taken out to carry out developments.

Budapest Airport Zrt said its HUF five billion loss last year, a plummet from the 2006 loss, may be attributed to the increasing cost of interest on loans the majority owner, Germany’s Hochtief (75 percent), extended to the company to carry out upgrades. According to a report by the State Audit Office (SAO), the development projects, which should total 261 million Euro (HUF 65 billion) up to 2011, have suffered delays.

Budapest Airport acknowledged some 36 million Euro development shortfalls compared to the 2006-2007 schedules, while the Hungarian National Asset Management Zrt interpreted the privatization contract differently and found a 46.6 million Euro shortfall. The schedule of developments was linked to passenger numbers, but BA missed the target in 2007, as it registered 8.5 million passengers against the prescribed 9.07 million.

Fly me to the ...money!!!


Reduce bureaucracy costs

It should be an important goal to reduce the cost of bureaucracy for businesses by 750-800 billion Hungarian forints, Minister of National Development and Economy Gordon Bajnai said at an event organized by the Hungarian Association of Industrialists and Employers (MGYOSZ) last week. The cost of bureaucracy should be reduced along with a reduction in payroll tax and employee contributions, Bajnai said quoted by Budapest Business Journal. Hungary’s high payroll taxes, together with its low rate of workforce participation, are the biggest obstacles to faster economic growth, he added.

And if they find the way they have better …show it to the rest EU countries!!!


Poland blocks EU agency in Budapest

Only Poland voted against locating the European Institute of Innovation and Technology (EIT) in Budapest at a meeting of EU innovation ministers on June 12, favoring its own candidate Wroclaw, media reported last week. The ministers postponed the decision to June 18, one day before the next EU summit. The Spanish, German and Austro-Slovak bids were withdrawn, according to reports. EU president Slovenia has said the EIT centre should be in a new member state that does not already have an EU agency.

I suppose that is called …in family dispute!!!


Cut excise tax

Hungary has requested the EU to grant permission for cutting down the excise tax on fuels to a level fixed in the EU five years ago. “We have turned to Brussels for a cut,” Hungarian Finance Ministry spokesman Ferenc Pichler said. The cut was requested by freight forwarders who seek to pay lower fuel taxes in order to reduce their disadvantage in competition. If the EC approves, freight forwarders would be able to get a refund from the current excise tax of 0.35 Euro per litre on diesel.

The European Commission’s Taxation and Customs Union Directorate-General received Hungary’s request on June 5. But the EU’s Tax Commissioner Laszlo Kovacs said that The European Commission meanwhile does not approve government’s plans. The Commission was expected to decide on the matter already this week. However, the insiders say that it was unlikely that Brussels would change his mind.
Brussels will have to address the issue of sky-rocketing fuel prices, regardless of the Budapest motion. There are currently several proposals for discussion, including one that would urge the EU to put larger pressure on oil exporting countries and the biggest oil companies for price reductions.

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