Hungarian banks reject govt decision to keep bank tax
The Hungarian government's new measures to raise taxes on banks violate an earlier agreement signed with banks and hurt the economy, the Hungarian Banking Association (MBSz) said in a statement on Wednesday, right after that National Economy Minister György Matolcsy announced a HUF 367 billion austerity package.
"The measures announced by the government today - if passed by parliament - endanger predictable financing to economic players and all their elements reduce the lending ability of banks," MBSz said.
The country's economy minister said the government would not halve a windfall tax on the bank sector next year - contrary to earlier plans - and will raise the rate of a new tax on financial transactions.
The bank levy will not be halved from 2013, adding HUF 72 billion additional revenue to the budget, Matolcsy said. The government also decided to increase the scale of the financial transactions duty from 0.1% to 0.2%, bringing in HUF 90 billion more from banks, he said. The rate will also rise for the Treasury, generating an additional HUF 40 billion in revenue.
ADVERTISEMENT
Hungary Trade Surplus at EUR 308 mln in April
Parl't Approves Amendments to Legislation on Judiciary
Gloster Acquires P92 IT Solutions
Landmark Budapest Dept Store to Reopen After HUF 8 bln Renov...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
