Budget deficit reaches 76.7 pc / FY target in Nov, ministry confirms

Hungary's cash flow-based budget deficit, excluding local councils, was 766.3 billion forints (EUR 2.3bn) at the end of November, or 76.7 percent of the full-year target, the Finance Ministry confirmed on Friday. In November alone, the shortfall came to 190.9 billion forints. On the revenue side, revenue from VAT reached 95.8 percent of the full-year target at the end of November, while revenue from personal income tax amounted to 92.6 percent. Excise tax hit 94.6 percent of the revenue target while payroll tax hit 89.3 percent. The Finance Ministry said that payouts for European Union-financed projects came to 1,341.3 billion forints, while transfers from Brussels reached 1,156 billion during the period.