Financial watchdog PszÁF has earlier designated ten domestic banks Hungarians may use to repatriate offshore assets under preferential tax terms.
However, several of the banks asked by the paper said they don’t know the conditions in detail, and many of them haven’t even decided to take part in the repatriation.
The reason might be that banks have to take responsibility to a certain degree, as clients would be in touch with the bank and not with the tax authority, industry insiders told Napi Gazdaság.
The current circumstances are not favorable for the repatriation process, as there are several factors that make clients doubtful, the paper said, citing comments from several banks.
The ten designated banks are Budapest Bank, CIB Bank, Erste Bank Hungary, FHB Kereskedelmi Bank, Kereskedelmi es Hitelbank (K&H), Magyarországi Volksbank, MKB Bank, OTP Bank, Raiffeisen Bank and UniCredit Bank Hungary.
The banks were selected because of their international connections and country-wide networks, PSzÁF said.
Under legislation approved last year, private individuals may pay a preferential 10% tax on assets from offshore companies repatriated by the end of 2011.
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