Fidesz could seek new tax to replace lost ad tax revenue

Banking

Expectations that the ruling party would reduce sectoral taxes were dashed when FIDESZ chief whip said that if the advertising tax revenue is cut, the government would need to find a replacement, MTI news agency reported. 

Market climate in Hungary improved last week when Hungary's cabinet chief put forward, under EU pressure, a move to scrap the controversial advertising tax in its present, highly progressive, form. The tax currently targets Bertelsmann's RTL Klub TV with a 50% rate, and the new proposal would replace the bracketed tax with a more equitable flat tax of about 5% of advertising revenue.

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