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Parliament adopts excise tax, gambling tax increases to close gap in 2011 budget

Banking

Parliament on Monday evening adopted a package of excise tax increases and raised the gambling tax.

The measures, aimed at plugging part of a HUF 100bn gap in Hungary's 2011 budget stemming from lower economic growth, will come into effect on November 1.

The products affected by the excise tax increase include diesel fuel (with freight and transport companies as well as agricultural producers fully compensated through higher rebates/refunds), alcohol and cigarettes.

Parliament also approved a sharp rise of taxes on gambling machines as of November 1, and the introduction of a tax on online gambling as of January 1, 2012.

The approved measures can take effect in a month time after Parliament approved to reduce the minimum period between the time tax changes are announced and the time they come into force from 45 to 30 days earlier on Monday.

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