Car drivers with permanent residence in Hungary will no longer be able to legally own a car with a foreign license plate and tampering with the reading of odometers, often referred to as clocking, will be penalized, according to a proposal currently under review by Parliament’s Economy Committee.
More than 300 of Hungary’s 1,200 car dealers have gone bankrupt over the past two years and another 300-400 are in danger of going bust, partly because many Hungarians buy their new cars in neighboring Slovakia in order to avoid having to paying an array of car taxes and deduct the value-added tax.
The proposal also aims to penalize clocking, a widespread practice not only in Hungary but in the entire CEE region as well as in many West European countries.
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