Almost HUF 40 bln deposited on accounts conferring tax amnesty

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Last year, 610 "Stability Savings Accounts" with deposits of a combined HUF 37.9 bln were opened at Hungarian banks, Hungarian business daily Napi Gazdaság reported today, citing data from the National Tax and Customs Office (NAV).

The origin of deposits made on the accounts are not scrutinized by the tax authority, nor does NAV require banks to report the names of account holders.

The deposit rate on the accounts, which require a minimum deposit of HUF 5 mln, is benchmarked to government securities yields and may be withdrawn tax-free after five years.

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