'Solidarity tax' on the wealthy could be imposed in Hungary

Banking

Christian Democrat (KDNP) and Fidesz MPs are discussing the possibility of launching a temporary solidarity tax on the wealthy, reports Portfolio.hu. Details on the levy including income qualification and the tax size itself have yet to be specified. 

The need for this tax arises from a revenue gap, which resulted from the implementation of a flat-tax, a measure adopted by Fidesz-led government in January. The cabinet requires HUF 100 billion to close holes in this year's budget, which was negatively impacted by less-than-expected economic growth.

The future of the flat-tax system is not certain. However, last week Prime Minister Viktor Orbán re-assured of the government's intentions to complete setting up a "proportional tax regime."  


 

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