Bank accounts worth of HUF 7 bln receive tax amnesty in Q1

Telco

Some 98 new "Stability Savings Accounts" with deposits totaling HUF 7.1 bln were opened at Hungarian banks in the first quarter of 2015, daily Magyar Nemzet reported today, based on data from the National Tax and Customs Office (NAV).

The paper noted that NAV neither scrutinizes the origin of deposits made on the accounts, nor requires banks to report personal data of the 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the accounts, which require a minimum deposit of HUF 5 mln, is benchmarked to government securities yields and may be withdrawn tax-free after five years, the paper added.

Last year, 610 such accounts were opened with deposits of a combined HUF 37.9 bln, the paper noted.

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