Finance

Hungary to allow companies to pay taxes in euros or dollars -finance minister

Published

2 years ago

July 30, 2022

Hungary to allow companies to pay taxes in euros or dollars -finance minister

Hungarian Finance Minister Mihaly Varga speaks throughout a enterprise convention in Budapest, Hungary, February 19, 2022. REUTERS/Bernadett Szabo

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BUDAPEST, July 30 (Reuters) – Hungary will permit firms to pay their taxes in euros or {dollars} in addition to forints, the federal government introduced on Saturday, a transfer which analysts mentioned might increase the nation’s international foreign money reserves.

Like different central European nations comparable to Poland, Czech Republic or Romania, Hungary is nowhere close to adopting the euro, with Prime Minister Viktor Orban’s authorities ruling it out within the foreseeable future claiming it will quantity to a lack of financial coverage sovereignty.

Hungary’s transfer is just like a plan introduced by the Czech authorities final month which plans to let firms pay taxes in euros from 2024, enabling the state to lift its borrowing in euros.

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“For firms who earn revenues partly or absolutely in a international foreign money, the brand new rule might simplify processes,” Hungarian finance minister Mihaly Varga wrote on Fb on Saturday, including the choice was obtainable to all firms.

He mentioned the change would simplify bookkeeping for firms whereas making certain taxes stored flowing to the state and the finances remained balanced.

No additional particulars have been instantly obtainable. There was a authorities press convention scheduled for 0900 GMT.

The forint, central Europe’s worst performing foreign money thus far this 12 months, hit a report low at 416.90 per euro earlier this month because it was pressured by an absence of settlement with the European Union over restoration funds, hovering inflation and a twin deficit.

“Corporations might save on conversion charges… and the federal government most likely goals to spice up fx reserves” David Nemeth, senior analyst at Okay&H Financial institution mentioned.

“Even when there’s an settlement with Brussels within the autumn, there is not going to be a major quantity of EU funds arriving by the top of the 12 months, and that is a simple solution to get foreign currency echange with out issuing fx bonds.”

A soar in fuel costs additionally pressured the forint lately because it might worsen Hungary’s commerce stability, merchants and analysts have mentioned.

Hungary, a small export-driven economic system, is dwelling to manufacturing crops of huge German carmakers together with Audi (AUDVF.PK) and Daimler .

The federal government might additionally use taxes paid in euros or {dollars} to refinance bonds denominated in foreign currency echange, Nemeth mentioned.

“If an increasing number of market members are ready to make use of solely euros, then significance of the forint will likely be diminished… This additionally means getting nearer to the eurozone with out adopting the euro.”

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Reporting by Anita Komuves and Krisztina Than; Enhancing by Toby Chopra

Our Requirements: The Thomson Reuters Belief Rules.

Related Topics:CEEU DIP ECO EEU EMRG EUROP FRX GEN GFIN HU MCE NRGREG PLCY POL REGS RESASS tax

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Finance

Euroclear appoints Cornock as Senior Business Development Manager

Published

4 hours ago

July 5, 2024

Press Room

Euroclear appoints Cornock as Senior Business Development Manager

Stuart Cornock has joined Euroclear’s London office as a senior manager of the Financing and Collateral Business Development department.

In his new role, Cornock will provide sales and relationship management services for collateral-related solutions.

Having worked in London and Singapore, Cornock brings more than 20 years of experience in the securities finance industry, including stock loan trading, sales and relationship management, and regulatory reporting.

Cornock joins Euroclear from Pirum, where he served as director of origination for nearly a year.

Before that, he spent another year as director of market intelligence at S&P Global and more than four years as director at IHS Markit.

He began his journey in finance as a new issues clerk at Clerstream in 2000, where he later became GSF product manager, followed by GSF sales, and finally sales and relationship manager.

Commenting on his new position at Euroclear, Cornock says: “I’m very much looking forward to working with existing and new clients as we grow the footprint of the suite of financing and collateral products.”

Finance

Harriette Cole: I’m in finance, and I want to be an artist. At 36, am I too old?

Published

10 hours ago

July 5, 2024

Press Room

Harriette Cole: I’m in finance, and I want to be an artist. At 36, am I too old?

DEAR HARRIETTE: Is it wise to explore a new field of work at age 36?

Growing up, I was always passionate about art and creativity. As a child, I spent hours sketching and painting, finding solace in the colors and forms that flowed from my imagination.

However, life took me on a different path, and I pursued a career in finance, which has provided stability but has left me feeling unfulfilled creatively.

I am unmarried and single; now in my mid-30s, I find myself yearning to reconnect with my artistic side and explore opportunities in a creative field.

What are your thoughts on someone planning to explore a new career field at this stage of life? I’m eager to pursue my passion and find fulfillment in my work again.

— Seeking Artistic Fulfillment

DEAR SEEKING ARTISTIC FULFILLMENT: You are young. There is no reason why you cannot make a career pivot now.

Take the time to do this strategically. Save as much money as you can in your finance job so that you create a cushion for yourself.

Sign up for art classes to hone your skills. Look into careers that value your artistic abilities so that when you do leave your job, you can find something fulfilling that also earns a living. Look at the advertising industry, graphic design, publishing and other such fields to see what opportunities are available that match your creativity.

DEAR HARRIETTE: I’ve been in a committed relationship for over seven years, but recently, my partner’s attitude toward my disability has shifted.

As someone who uses a wheelchair due to a spinal injury, I’ve always appreciated my partner’s support.

However, lately, they’ve started making decisions for me without consulting me, assuming I can’t handle certain tasks independently. For instance, they’ll rearrange plans, assuming venues aren’t wheelchair accessible, or speak for me in conversations about my needs. These actions make me feel sidelined and undermine my independence.

I want us to be equals in our relationship, but I’m hesitant to address this with my partner because they tend to overthink and might misunderstand my intentions.

What approach should I use to communicate my feelings to my partner without being misunderstood?

— Wanting Autonomy Back

DEAR WANTING AUTONOMY BACK: It is time for a heart-to-heart chat with your partner.

Gently express your observation that they have been making decisions for you due to your disability. While you appreciate their thoughtfulness, you do not want to lose your agency to make decisions on your own.

Thank them for loving you and thinking about you, and ask that they give you the chance to weigh in with your thoughts about whatever the situation may be. Explain that for your well-being, it is important for you to feel as independent as possible, so you want to participate in the decision-making regarding your needs.

To be sensitive to your partner’s feelings, you can state that you know they are taking extra efforts to be sure that you will be comfortable in any given situation, and you appreciate that. Still, it is important that you be allowed to speak for yourself and make your own decisions.

Harriette Cole is a lifestylist and founder of DREAMLEAPERS, an initiative to help people access and activate their dreams. You can send questions to askharriette@harriettecole.com or c/o Andrews McMeel Syndication, 1130 Walnut St., Kansas City, MO 64106.

Finance

Greece’s business environment transformed, says Finance Deputy Min | eKathimerini.com

Published

17 hours ago

July 4, 2024

Press Room

Greece’s business environment transformed, says Finance Deputy Min | eKathimerini.com

[Intime News]

In the last five years “we have changed the business environment in Greece, we have recovered what we lost in the crisis, we have obtained investment grade and we have recorded high growth rates,” Deputy Minister of National Economy and Finance Nikos Papathanasis said on Thursday at the 28th Annual Economist Government Roundtable in Athens.