Hungary to introduce advertisement tax

Banking

Hungarian government is planning to introduce a tax on advertising, the National Economy Minister Mihály Varga said on a Hungarian public radio station on Monday.

Varga, giving an interview to Kossuth Rádió today (June 2) said it is “highly likely” that Hungarian lawmakers would improve tax on advertisements.

Under a draft of a bill circulated last year, companies with annual revenue between HUF 1 billion and HUF 5 billion would be required to pay 1% of turnover as an advertisement tax. Companies with a revenue of HUF 5 billionn-10 billion would pay 10%, and the rate for companies with revenue of more than HUF 10 billion would be 20%. Companies making a revenue up to HUF 1 billionn would be exempt from the planned taxation system.

-- Christian Keszthelyi contributed to this article

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