Refocus Tax Reforms ─ Hungarian Minister Advices Gov’t

The Hungarian Minister of Foreign Affairs and Trade, Dr. Peter Szijjarto has advised that Ghana refocuses its tax policies and concentrate more on consumption.

Schooling Ghanaian financial experts on some Hungarian economic-boosting antecedents, Dr. Szijjarto said the success of Hungary’s economy came as a result of the decision to run unconventional policies like reducing the corporate tax rate and flat tax on conventional income.

He made this statement at the Third Ghanaian-Hungarian Business Forum held in Accra, last Friday.

“We made the decision to try something new… we introduced the lowest taxes in Europe, we introduced the flat tax and now in Hungary, it makes sense to work more and make sense to employ more people… we have increased the number of tax payers from 1.8 million to 4.4 million in a country where the population is 10 million and we decreased unemployment rates from 10.5 per cent to 4.2 per cent,” he said.

Hungary To Support Ghanaian Industrialisation

Excited about Ghana’s efforts to expand the fortunes of its economy, Dr Szijjarto also pledged support to ensure that government’s flagship polices for industrialisation makes headway.

He said, championing policies like the “One Village, One Dam” and “One District, One Factory” is one of the best ways that Hungary can partner with Ghana.

According to him, it would be easier for his country to help because the Hungarian government has had similar programmes on their agenda.

Laying specific emphasis on “One Village, One Dam”, the minister said, “…the water industry is one that represents the highest emblems for Hungary and we are world class in that. We have very good international references in building pipelines systems and operating them.”

Manufacturing and digitisation

Dr Szijjarto also stressed the need to syndicate industrialisation with technology in order to yield its full dividend.

“In Hungary, we are now at the edge of a new dimension. So far, we put all our emphasis on manufacturing and production but we understand that success of the future will depend on whether you are able to combine your manufacturing with digitalisation and there again, government has to ensure the capacities and preconditions are available,” he noted.

Dr Szijjarto continued: “So, where we can be helpful and cooperate on the basis of mutual interest and mutual profits are industries governed by technology and know-how and that’s what we have to put into consideration.”

More Scholarship for Ghanaian Students

As part of efforts to strengthen Ghana-Hungary relations, the Hungarian government has increased by 100 per cent the number of students granted scholarship to study in Hungary.

“Currently we have students 50 but from September next year, we would be receiving 100 students from Ghana, every year―fully sponsored and paid for by the Hungarian state,” Dr Szijjarto said.

Hungary recently reopened it embassy in Accra.

By: Grace Ablewor Sogbey/ [email protected]