ADVERTISEMENT

Banking association contests constitutionality of tax changes

Banking

The Hungarian Banking Association has asked the president to submit tax amendments approved by Parliament on Monday to the Constitutional Court to determine whether they are constitutional, the association's Secretary General Rezső Nyers said in Wednesday's issue of business daily Napi Gazdaság.

The association has protested the introduction of a tax on state interest subsidies, to be paid quarterly, and complains that it must pay the so-called “solidarity tax”, to be introduced from September 1, on top of the extraordinary banking tax, which expires at the end of 2006. The association also notes that the increase of the capital gains tax from 0% to 20% from September 1 gives banks far too little time to make the necessary technical changes. Banks need at least three months to prepare, Nyers said. He added that the Constitutional Court's consideration of the tax changes could delay them from coming into force, buying more time for banks to change their IT systems.

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Transformation Delineation - Microsoft country general manag... Podcasts

Transformation Delineation - Microsoft country general manag...

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

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.