Hungarian Finance Minister announces package to reduce bureaucracy

English2020. dec. 5.Növekedé

Based on the proposals of the Hungarian Banking Association and the Finance Ministry, the task force accepted six measures, all of which will make financial errands simpler, cheaper and faster, Mihály Varga announced.

After the meeting of the economy protection task force in Budapest, the elements of the package were revealed by the Finance Minister:

  1. Electronic payment will be possible in all retail outlets with an electronic cash register. This means 50-60 thousand new outlets and it will reduce the use of cash by tens of billions of forints.
  2. Extending e-banking opportunities for businesses and the general public will simplify financial matters and reduce the number of bank visits by up to two million a year.
  3. Documents related to the acquisition of real estate or financing will be submitted electronically to the Land Registry. This will simplify the procedure in 130,000 cases per year. 
  4. Real estate valuation will become more widely available at no cost; every third case can be done by banks on the basis of a database. This way each customer will be able to save between 30-50 thousand forints.
  5. Notarial procedures in real estate matters will be faster and simpler; and it will mean tens of thousands of forint savings for 60-70 thousand clients every year.
  6. Digital document management will also be introduced, which will provide greater security for approximately 6.5 million Hungarians who have bank accounts.

The Finance Minister noted that these measures would shortly be implemented similarly to the other 44 steps taken so far.