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Bill would require banks to make up for shortfall in transactions duty

Telco

National Economy Minister Mihály Varga submitted a bill to Parliament on Wednesday that would require banks to pay a "one-off replacement" this year for a shortfall in revenue from the transactions duty, the text of the bill posted on the website of Parliament shows. Banks would pay 208% of their transactions duty payments in January-April, according to the bill. The transactions duty, introduced at the start of this year, generated revenue of HUF 38.8 billion in January-April, just 12.9% of the full-year target, National Economy Ministry budget data show. The latest budget data show transactions duty revenue reached HUF 52.8 billion in January-May, still just 17.5% of the target for the full year. The supplemental payment would allow banks to pay the duty "in line with their original commitment", according to justification of the bill.

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