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Government says that 242 billion US dollars have been transferred from Hungary to offshore tax havens

History

The Government wants to put an end to capital circumventing the Hungarian tax system, Government Spokesperson András Giró-Szász said on public television. He noted that an estimated total of HUF 1,000 billion (€3.4 billion) may be in Swiss offshore accounts, and some HUF 275-320 billion may have been transferred from Hungary in a single year. In addition, Hungary is on the global list of 20 countries, compiled by The Observer, in which capital flight is highest. According to their data, a total of USD 242 billion left the country between 1970 and 2010, twice the Hungarian national debt.

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