Budapest- Hungary's minority socialist government has opted against a planned moderate tax reform in light of the global financial crisis.

A legislative proposal introduced last month was withdrawn Monday after a meeting of the Hungarian parliament's committee for rules and internal procedures.

The reform would have lightened the tax load on citizens and businesses by 150 billion forints (810.9 million dollars) starting in 2009. Experts had called the planned step insufficient to boost Hungarian businesses, which have long complained about their heavy tax burden.

Hungarian Prime Minister Ferenc Gyurcsany had announced the plans to table the legislation on Friday. (dpa)