In a statement issued on Wednesday, the association said that it supported government efforts to strengthen the financing of state debt through domestic savings and that fund managers would cooperate as partners in the endeavor, but expressed a "difference in professional opinion" over the means to achieve the goal.
Any regulatory intervention in the operation of investment funds that is not in harmony with the unified European regulatory framework is "counterproductive and could put the achievement of the original targets at risk in 1-2 years", Bamosz said.
The association noted that it hoped the government would weigh its observations, paving the way for a solution "satisfactory from all fair aspects".
Recently issued government decrees have stepped up mandatory holdings of government securities by investment funds and introduced a 13% social contribution on investment returns, on top of the 15% tax on capital gains. Returns on government securities are exempt from both taxes.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
