Amendment would cap transaction levy at HUF 6,000
Parliament's budget committee has submitted amendments to a bill introducing a levy on financial transactions that would cap the levy at HUF 6,000 per transaction.
The amendments, posted on Parliament's website, would also broaden the levy to apply to Treasury transactions and the National Bank of Hungary.
The amendments would exclude payments of cash from the levy but include deposits – from overnight to two-week – of the MNB, although the rate for the O/N deposits would be 0.01%. The amendments would not apply the cap to the Treasury or MNB transactions.
The rate of the levy is otherwise 0.1%. Interbank transactions as well as securities transactions would be exempt from the levy. The government's 2013 budget bill targets revenue from the levy of HUF 283 billion. In 2014, the levy is seen generating HUF 322 billion.
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