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Gov’t to wait for court ruling before deciding on local business tax

Banking

Hungary will decide whether to scrap or keep the local business tax only after the European Court's decision on the matter, expected at the end of 2007 or the beginning of 2008, government spokeswoman Emese Danks said after a cabinet meeting on Wednesday.

Danks made the statement a week after the European Court ruled that a similar tax in Italy is legal. Danks said the Tax Act contains no deadline for scrapping the local business tax. The tax takes up to 2% of companies’ revenue.

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