From next year, Hungary plans to reduce the VAT on accommodation from 18 to 5 percent

first_imgPrime Minister Viktor Orbán said the strategy would “provide Hungary with a place in world tourism“. He added that the government has set aside a total of about 2,7 billion euros to fund the program. Among other things, the measures include reducing the VAT rate for tourist accommodation services from the current 18 to 5 percent. These changes are expected to take effect in 2020. A 5 percent VAT rate will apply to hotel accommodation and similar short stay services. The purpose of the VAT reduction is to revive the Hungarian tourism sector. The plan was adopted on the basis of last year’s example of the practice of countries such as Austria, Romania and Slovakia. Most EU Member States already apply reduced VAT rates within the tourism industry. “A commercial accommodation digitization program to be launched this summer will further help the sector”, Concluded Rogán. Two years ago, the Hungarian government approved guidelines for improving the tourism sector, entitled “National Tourism Development Strategy until 2030”, reports About Hungary. Source: Accordance; About Hungary; Hungary Today Antal Rogán, head of the Prime Minister’s Office, said earlier this year that the number of overnight stays had increased by about 10 per cent a year in the last three years. “Foreign tourists are grateful for half of the increase, and domestic tourists for the other halfHe added. “Also, thanks to the reduction of VAT in the hospitality industry, which was adopted this year, the turnover in the sector increased by 40 to 60 percent in certain months, compared to the same period last year.”, Reports Hungary Today. As part of the “Economic Action Plan”, the Hungarian Ministry of Finance recently announced plans to reduce the tax burden, reports Accordance. The tourism development strategy expects the share of GDP in tourism to increase to 16 percent, while the number of tourism employees could reach 450. The Hungarian prime minister explained that sports, culture and health tourism are the primary focus of the strategy. Orbán believes that sport, culture and a healthy natural environment are the factors that make Hungary an attractive destination. He said Hungarian tourism could prosper in the future thanks to rising wages and low inflation.last_img read more

Read More »

How’s that big tax cut working out for you, America?

first_imgBut what about the economics?You might be tempted to say that it’s too early to tell.After all, the law has been in effect for only a few months, and we got our first look at post-tax-cut economic growth only last week.But here’s the thing: To deliver on its backers’ promises, the tax cut would have to produce a huge surge in business investment — not in the long run, not five or 10 years from now, but more or less right away.And there’s no sign that anything like that is happening.Let’s talk about the economics here.Anything that increases the budget deficit should, other things being the same, lead to higher overall spending and a short-run bump in the economy (although there’s no indication of such a bump in the first-quarter numbers, which were underwhelming). But if you want to boost overall spending, you don’t have to give huge tax breaks to corporations.You could do lots of other things instead — say, spend money on fixing America’s crumbling infrastructure, an issue on which Trump keeps promising a plan but never delivers.Furthermore, any short-term boost will probably be quickly squelched by the Federal Reserve, which believes that we’re at full employment and which is gradually raising interest rates to keep the economy from overheating.You can argue that the Fed is wrong, but the case for easier monetary policy has nothing to do with the Trump tax cut.No, the case for a corporate tax cut is the claim that in the long run it will raise wages. How is that supposed to work?It never made sense to believe that corporations would immediately share their tax-cut bounty with workers, and they haven’t.Any news organizations that let themselves be bamboozled by cherry-picked stories of firms announcing worker bonuses after the tax bill passed should be ashamed of their credulity. Categories: Editorial, OpinionSo far, Donald Trump and his allies in Congress have achieved one and only one major legislative victory: passing a large tax cut, mainly aimed at corporations and business owners.The tax cut’s proponents promised that it would lead to a dramatic acceleration of economic growth and produce big gains in wages; they hoped that it would also yield big political dividends for the midterm elections.So how’s it going?Politically, the tax cut is a damp squib: Most voters say they haven’t seen any boost to their paychecks, and Republicans are barely talking about the law in their political campaigns. The real logic behind corporate tax cuts is that they’re supposed to lead to higher investment.This investment, in turn, would gradually increase the stock of capital, simultaneously driving down the pretax rate of return on investment and pushing up wages.There are two questions about this supposed process.One is how much wages will rise in the long run.Most independent estimates predict only modest gains; the Trump administration’s wildly optimistic predictions aren’t just out of the ballpark, they’re in another universe.Still, to be fair, that’s not a question on which the data have had time to speak.But the other, equally important question is, how long is the long run?center_img As Greg Leiserson of the Washington Center for Equitable Growth points out, “every month in which wage rates are not sharply higher than they would have been absent the legislation, and investment returns are not sharply lower, is a month in which the benefits of those corporate tax cuts accrue primarily to shareholders.”A tax cut that might significantly raise wages during, say, Cynthia Nixon’s second term in the White House, but yields big windfalls for stock owners with only trivial wage gains for the next five or 10 years, is not what we were promised.To get major wage gains before, for example, the 2024 election — never mind 2020 — we’d need to have a huge near-term boom in business investment, mainly financed by inflows of capital from overseas. I mean really, really huge.And there’s no sign that this is happening.True, business investment as a share of GDP is up slightly over the past year, but it’s still well below its level before the financial crisis — let alone the heights it reached in the 1990s.Is it just too soon to expect results?Are businesses getting ready to ramp up investment, so that we’ll see them laying out the big bucks in the near future? Not according to a survey by the Federal Reserve Bank of Atlanta.A vast majority of businesses say either that the tax law has had no effect on their investment plans or that they are planning only a modest increase.In short, the effects of the Trump tax cut are already looking like the effects of the Brownback tax cut in Kansas, the Bush tax cut and every other much-hyped tax cut of the past three decades: big talk, big promises, but no results aside from a swollen budget deficit.You might think that the GOP would eventually learn something from this experience, realize that tax cuts aren’t magical, and come up with some different ideas.But I guess it’s difficult for a man to understand something when his campaign contributions depend on his not understanding it.Paul Krugman is a Nobel Prize-winning economist and a columnist with The New York Times.More from The Daily Gazette:Foss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Beware of voter intimidationEDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Urgent: Today is the last day to complete the censuslast_img read more

Read More »

Levi Strauss warns of weak second half on pandemic woes, to cut 700 jobs

first_imgShares of the San Francisco-based company, which have lost about a quarter of their value since the start of the year, fell 4 percent in extended trading.Net revenue in the second quarter fell 62 percent to $497.5 million, but beat analysts’ expectations of $485.5 million, according to IBES data from Refinitiv.Levi reported net loss attributable to the company of $363.5 million compared with a profit of $28.2 million, a year earlier, largely due to $242 million in restructuring charges and inventory costs.On an adjusted basis, the company posted a loss of 48 cents per share, narrower than expectations.Topics : Levi Strauss & Co on Tuesday cautioned its business would be hit in the second half of the year, even as the denim apparel maker’s sales have been improving at its reopened stores, following government-mandated COVID-19 lockdowns.The company also said it would cut about 700 positions, or roughly 15 percent of its workforce, in non-retail, non-manufacturing segments that would help it save US$100 million annually.Met with temporary closure of its own stores as well as partner outlets, Levi introduced curbside pickup and started fulfilling online orders at its stores as customers turned to online shopping to avoid contact with people. The company reported a 25 percent increase in its online business in the second quarter ended May 24, with a month-over-month rise of nearly 80 percent in May.Levi added that weekly sales performance in company-operated stores was improving sequentially, as productivity in the final week of June reached 80 percent compared to a year earlier.Still, Chief Executive Officer Chip Bergh said that he was “cautiously optimistic” about the early trends.The company also expects its margins for the rest of the year to be under pressure as it tries to offload excess inventory that remained unsold during the lockdowns.last_img read more

Read More »

Just the facts please — Leafs eager to hear from KIJHL regarding suspension appeal

first_imgThe video says it all.But will it be enough to sway the BC Hockey Referee-in-Chief from reducing the suspensions of three players on the Nelson Hockey club is the question Leaf fans are waiting to hear.Last Saturday, in a Kootenay International Junior Hockey League game that was already over on the scoreboard, a line brawl erupted, leading to suspensions to Leafs Brent Headon, Sawyer Hunt and Nelson’s second leading scorer Dale Howell — the latter a whopping six game sit for being the instigator in a multiple fight donnybrook.last_img

Read More »

Cheeky thieves steal wheels from car in garage

first_imgCheeky thieves broke into a garage and stole four valuable wheels from a top of the range car.The culprits broke into the garage at Drumkeen on September 5th last between 11pm and 9am the following morning.The thieves took four expensive wheels from an Audi A4 S Line vehicle. A Garda spokesman said the wheels are very expensive and have appealed to anybody who may have been passing the garage on the main Drumkeen to Letterkenny Road to contact them.Cheeky thieves steal wheels from car in garage was last modified: September 10th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Read More »

Haryana journalist slapped with FIR for report on rotting grain

first_imgThe Haryana police have booked a journalist based in Hisar for trespassing and defamation after he reported about stacks of foodgrain allegedly rotting at a warehouse of the State Food Civil Supplies and Consumer Affairs Department.The FIR was registered against Anoop Kundu, a journalist with the STV Haryana News — a television news channel — on September 8 at Uklana in Hisar. The FIR has been filed under the Sections 451, 465 and 500 of the Indian Penal Code, based on the complaint of Sandeep Chahal, Assistant Food and Supplies Officer, Hisar.The complaint states that the department officials came to know about the news being aired on July 18, and claimed that the footage shown was fake and not of the Uklana warehouse, aired with an intent to discredit and defame the department. The complaint also stated that the same day a team of officials went to inspect the warehouse and found that the grains were adequately covered with polythene and no stacks damaged due to rain water.Stands by storyMr. Kundu, however, stands by his story. He said that on July 17, after receiving a tip-off, he went to the Uklana warehouse. “I spoke to the security guard and sought his permission and then made the video, which showed the wet and spoilt wheat at the warehouse. The footage is not fake,” he claimed.“On July 18, a 21-minute story was run on the channel. Following this, the concerned Minister, Karan Dev Kamboj, spoke to the channel and promised action against the officials. On the same day, the Minister even suggested an inquiry into the issue. However, later in the evening when I, along with some local BJP leaders and department officials, went to inspect the warehouse, the damaged grain bags were replaced with dry ones in a cover-up attempt. A few spoilt grain bags though were still there,” claimed Mr. Kundu.Mr. Kundu added that an official of the civil supplies department had even threatened him with dire consequences, following which he submitted a complaint with the Deputy Commissioner, Hisar, on July 25. “While nothing has been done about my complaint, a case has been registered against instead. Also, an official inquiry was conducted into the incident and the probe completed within a day. I was not even called to record my statement,” alleged Mr. Kundu.Several journalists in Hisar recently held a meeting and expressed their anguish against the registration of FIR against Mr. Kundu.last_img read more

Read More »

10 months agoCrystal Palace boss Hodgson assures Man City: Liverpool will get beaten

first_imgAbout the authorPaul VegasShare the loveHave your say Crystal Palace boss Hodgson assures Man City: Liverpool will get beatenby Paul Vegas10 months agoSend to a friendShare the loveCrystal Palace boss Roy Hodgson says victory at Manchester City won’t hurt thei title chances.The result has delivered Jurgen Klopp’s Liverpool with a golden opportunity to leave the champions trailing when the top two meet back at the Etihad Stadium on January 3.“I don’t think Pep [Guardiola] will be concerned about it,” said Hodgson, himself a former Liverpool manager.“There are still 20 games to play and no matter how Liverpool play they will come against a game like this. “Someone, somewhere will beat them against the odds.” last_img

Read More »

Ohio State Fan Gets “85 Yards Through The Heart Of The South” Tattoo

first_imgezekiel elliott runs the ball during the sugar bowl win over alabamaNEW ORLEANS, LA – JANUARY 01: Ezekiel Elliott #15 of the Ohio State Buckeyes runs the ball against the Alabama Crimson Tide during the All State Sugar Bowl at the Mercedes-Benz Superdome on January 1, 2015 in New Orleans, Louisiana. (Photo by Streeter Lecka/Getty Images)Ohio State and Alabama met in the Sugar Bowl this past January, and, as we all know, the Buckeyes emerged victorious behind a 230-yard rushing performance from running back Ezekiel Elliott. One OSU fan has decided to ink herself in honor of Zeke’s big day.The Ohio State fan, Veronica Chapa, went a bit of a different route, though. Chapa got a tattoo that mimics a tee shirt that Eleven Warriors sold in the aftermath of the contest. It’s titled “85 Yards Through The Heart Of The South.” It honor’s Elliott’s 85-yard run that gave Ohio State a 42-28 lead late in the fourth quarter.Tattoo perfect, still number 1!!#GoBucks #BuckeyeForLife #BuckeyeNation #Buckeyes #Zone6 pic.twitter.com/CWDWiXwdUY— Veronica Chapa (@veronicalchapa) October 22, 2015The wait is over. Get your “85 Yards Through the Heart of the South” tee now. http://t.co/igvja54KZd pic.twitter.com/GmRzIuHhOE— Eleven Warriors (@11W) February 20, 2015Ohio State fans – what do you think?last_img read more

Read More »

Liberals set to unveil Indigenouslanguages law

first_imgOTTAWA — The Trudeau Liberals are poised to introduce a new law to protect and promote Indigenous languages.Just before the weekend, the government put the Commons on notice that it planned to introduce a new bill, titled “An Act respecting Indigenous languages,” for MPs to debate.On Friday, during a UN event kicking off the International Year of Indigenous Languages, Assembly of First Nations National Chief Perry Bellegarde described a law that could create programs to inspire Indigenous people of all ages to speak their languages.First Nations helped develop the soon-to-be-introduced bill that will “help ensure our languages survive and thrive,” Bellegarde said.The most recent census figures from Statistics Canada showed that 263,840 people reported being able to speak an Indigenous language in 2016.The data also showed a two-decade decline in the percentage of Indigenous people able to speak an Indigenous language, going from 29 per cent in 1996 down to 16 per cent in 2016.The Canadian Presslast_img read more

Read More »

The Province is seeking interested parties to fill gaps left by Greyhound

first_img* Hope to Princeton on Highway 3The ministry with the federal government and other provinces and territories are continuing discussions as part of an interprovincial working group. Trying to find a viable solution that is long-term to ensure people in B.C. continue to have access to safe and reliable ground transportation.To file for an application to the Passenger Transportation Board for an intercity bus licence CLICK HERE The Province is interested in parties that can provide innovative and flexible ground transportation services. Interested parties that respond to the RFEI are still required to apply to the Passenger Transportation Board for an intercity bus licence.The deadline for interested applicants is Jan. 15, 2019.The routes that the ministry is currently seeking expressions of interest for are as follows:* Cache Creek to Kamloops on Highway 1* Kamloops to Valemount on Highway 5* Valemount to B.C.-Alberta border on highways 5 and 16 VICTORIA, B.C. – After the withdrawal of Greyhound’s service in B.C., the Ministry of Transportation and Infrastructure is wanting to fill the eight intercity bus routes that remain unfilled by requesting expressions of interest (RFEI)When Greyhound announced its departure, the Ministry moved swiftly by fast-tracking applications from companies interested in providing service on abandoned routes. The result has been 83 percent coverage in part to private operators.The RFEI will help gauge interest coming from private sector operators, non-profit societies, community agencies, local governments, Indigenous communities or other interested parties.center_img * Dawson Creek to B.C.-Alberta border on Highway 2* Salmo to Creston on highways 3 and 6* Cranbrook to the B.C.-Alberta border on Highway 3* Fort Nelson to the B.C.-Yukon border on Highway 7last_img read more

Read More »