Brussels: Finance Minister Mihály Varga stated that Europe’s primary focus should be on enhancing its competitiveness to effectively compete with economic giants like the United States and Asia. Minister Varga emphasized that improving competitiveness is crucial for Europe to maintain and advance its position in the global economic landscape.
According to About Hungary, Minister Varga highlighted the recent approval of a package of European Union regulations on VAT in the digital age by EU finance ministers. This new regulatory framework will simplify the process for businesses to register for VAT purposes, allowing a single registration to cover all member states. This development is expected to facilitate smoother and faster business operations across European markets and support efforts to combat VAT fraud.
Minister Varga, speaking after an Ecofin meeting in Brussels, revealed that the VAT in the digital age package had been under extensive discussion for two years before its recent approval. The initiat
ive aims to streamline the business environment in Europe, making it more efficient and attractive for companies. Additionally, the EU finance ministers approved updates to the EU statistics system, which will enable more precise tracking and transparent use of energy data, marking “an important step” toward better resource management.
Addressing the EU’s Recovery and Resilience Facility (RRF), Minister Varga pointed out that Hungary has received only 8% of the funding it is entitled to under the facility. He expressed concern over protectionist measures such as punitive tariffs, cautioning that such strategies would merely increase the cost of cooperation rather than solve underlying issues. Instead, Minister Varga advocated for a partnership approach to foster economic growth and collaboration.
