The Fiscal Council of Hungary (Költségvetési Tanács) is an independent fiscal oversight body tasked by Hungary's Parliament to oversee the state budget process in Hungary. It was established in 2008 by Act LXXV of 2008 and its tasks have been expanded by Act CXCIV of 2011.
The council is to promote the "creation and maintenance of the discipline, transparency and long-term sustainability of fiscal policy and to foster the long-term competitiveness of Hungary through fiscal means, in consideration of the requirement of justice between present and future generations and the expected growth of public expenditures owing to the aging of society in the forthcoming decades".[1]
In 2010, the Fiscal Council's budget was cut from 835 million forints to 10 million (US$49,000[2]), thereby practically killing it off. The government of the day cut the budget in response to the head of the Fiscal Council highlighting an anomaly in government plans for crisis taxes. President Viktor Orbán had stated crisis taxes would remain in effect until January 1, 2013. The head of the Fiscal Council, György Kopits, drew attention to a clause in the 2011 budget according to which the taxes would be in place until the end of 2014, although with reduced revenue targets.[3]
Referencesedit
^"In English - Költségvetési Tanács - Országgyűlés". www.parlament.hu. Retrieved 2019-11-29.
^"Hungary Ruling Party Backs Fiscal Council Cut, Index Reports". Bloomberg.com. 2010-11-23. Retrieved 2021-04-29.
^"Has Orbán over-reached?". The Economist. 2010-11-25. Retrieved 2019-11-29.
External linksedit
kfib.hu Institute for Fiscal Responsibility Budapest - an organization formed by the staff of the secretariat of the Fiscal Council disbanded at the end of 2010. The site contains Council documents.
October 27, 2023
fiscal, council, hungary, költségvetési, tanács, independent, fiscal, oversight, body, tasked, hungary, parliament, oversee, state, budget, process, hungary, established, 2008, lxxv, 2008, tasks, have, been, expanded, cxciv, 2011, agency, overviewformed2008jur. The Fiscal Council of Hungary Koltsegvetesi Tanacs is an independent fiscal oversight body tasked by Hungary s Parliament to oversee the state budget process in Hungary It was established in 2008 by Act LXXV of 2008 and its tasks have been expanded by Act CXCIV of 2011 Fiscal Council of HungaryAgency overviewFormed2008JurisdictionNational Assembly Hungary Agency executiveArpad KovacsWebsiteOfficial websiteThe council is to promote the creation and maintenance of the discipline transparency and long term sustainability of fiscal policy and to foster the long term competitiveness of Hungary through fiscal means in consideration of the requirement of justice between present and future generations and the expected growth of public expenditures owing to the aging of society in the forthcoming decades 1 In 2010 the Fiscal Council s budget was cut from 835 million forints to 10 million US 49 000 2 thereby practically killing it off The government of the day cut the budget in response to the head of the Fiscal Council highlighting an anomaly in government plans for crisis taxes President Viktor Orban had stated crisis taxes would remain in effect until January 1 2013 The head of the Fiscal Council Gyorgy Kopits drew attention to a clause in the 2011 budget according to which the taxes would be in place until the end of 2014 although with reduced revenue targets 3 References edit In English Koltsegvetesi Tanacs Orszaggyules www parlament hu Retrieved 2019 11 29 Hungary Ruling Party Backs Fiscal Council Cut Index Reports Bloomberg com 2010 11 23 Retrieved 2021 04 29 Has Orban over reached The Economist 2010 11 25 Retrieved 2019 11 29 External links editkfib hu Institute for Fiscal Responsibility Budapest an organization formed by the staff of the secretariat of the Fiscal Council disbanded at the end of 2010 The site contains Council documents Retrieved from https en wikipedia org w index php title Fiscal Council of Hungary amp oldid 1178448466, wikipedia, wiki, book, books, library,
