Varga excludes any consideration of deposit tax

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The Hungarian government has never considered and is not at present considering levying any kind of tax on deposits, National Economy Minister Mihály Varga said in an interview in daily Magyar Nemzet. Varga reiterated that the government has no such intention after an agreement was reached on Monday on a bailout for Cyprus that involves the use of uninsured deposits to shore up banking sector losses. "We believe it is necessary that the livelihood of families not be endangered in times of crisis," Varga said. We think it is inappropriate for households to pay for damages caused by banks' bad decisions, he added. "In [Hungary], household savings cannot be defined as a tax base," he said. Deposits provide the resources for lending which can create jobs, he added.

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