Hungarian PM says to extend loan moratorium, cut local business tax

Viktor Orban Prime Minister of Hungary attends a news conference following talks with his counterparts from central Europe's Visegrad Group in Lublin, Poland, on Friday, Sept. 11, 2020. In preparation for European Union summit this month, the prime ministers of Poland, The Czech Republic, Slovakia and Hungary discussed situation in Belarus, ties with Russia and fighting COVID-19.

Hungary’s government will extend a moratorium on loan repayments by households and businesses until July to mitigate the impacts of the coronavirus crisis, Prime Minister Viktor Orban said on Saturday.

Orban also said in a posting on his Facebook page that a local business tax for small and medium-sized businesses will be reduced by half from the beginning of January, as these companies provide most of the jobs in the economy.

Families with children or expecting a child would be eligible for a preferential loan and non-refundable grants to renovate their homes, the prime minister added.

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