Gov't bill to impose broader capital gains tax

Banking

A raft of proposals submitted to Parliament by the governing Socialist-Liberal coalition late on Tuesday contains a bill which would impose a 20% capital gains tax on all financial investments from September 1, business daily Napi Gazdaság said on Thursday. The new tax would be higher and affect more people than the capital gains tax planned in the government's five-year tax reform package announced a year ago. In the package, the capital gains tax would not have been introduced until 2007, and then at a rate of just 10%. The tax was also to have been levied only on capital gains over an annual Ft 50,000, if total investment earnings did not exceed Ft 250,000. The new bill, however, contains no such exceptions. Private individuals will be required to pay the tax on the basis of certificates from their brokers when submitting their personal income tax returns. The tax on interest will be deducted before the interest is paid. Losses on financial investments may be deferred for two years.(Econews)

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.

Support the BBJ

Finance

Banks to Draft Lending Recovery Plan

Economy Finance | Sep 28, 2023, 12:10

Value of Bank Card Payments Climbs 24% in Q2

Economy Finance | Sep 15, 2023, 14:50

Forint Liquidity of Banking Sector Increases in August

Economy Finance | Sep 14, 2023, 15:10