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Tax-exempt accounts in see HUF 44 bln deposits in 2016

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Around HUF 44.1 billion was deposited into 550 “Stability Savings Accounts” in the first half of this year, daily Magyar Nemzet reported today, based on data from the National Tax and Customs Administration (NAV).

The new accounts were created to stimulate the return of offshore assets to Hungary, the report noted. The origin of such deposits is not scrutinized and NAV does not require banks to report the names of account holders, noted the Hungarian news agency MTI.

The accounts require a minimum deposit of HUF 5 million, and their interest rate is tied to government securities yields. Money can be withdrawn tax-free after five years, according to MTI’s report. 

Slightly more than HUF 53 bln was deposited into Stability Savings Accounts last year, up from almost HUF 38 bln in 2014, according to MTI.

Since the program’s inception two-and-a-half years ago, over HUF 135 bln in total has been deposited into the accounts, Magyar Nemzet noted.

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