Hungary eyes Facebook, Google tax

Competition

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The National Economy ministry is currently working on a proposal to tax multinational internet giants such as Google and Facebook, to help defend the interests of domestic internet firms, according to reports.

The ministry is working on innovative tax methods to prevent Hungarian internet firms facing unfair competition against global internet firms, online daily vg.hu reported. The ministry says it is planning the measure as global companies have big revenues with their internet-based services, while they do not contribute to infrastructure development and their taxation in Hungary is minimal, the daily reported. 

No further details have been published by the ministry, however, under a government decree National Economy Minister Mihály Varga is required to put together a report on global internet changes to crack down on tax evasion by June 30, Hungarian online daily hvg.hu reported.

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