Parliament approves tax exemption for all exchange rate gains in FX repayment scheme
MPs approved an amendment to a bill late Monday making exchange rate gains realized in an early repayment scheme exempt from personal income tax for all foreign currency-denominated mortgages.
Under the scheme, to start Thursday, Hungarians may repay their foreign currency-denominated mortgage loans in full at an exchange rate discounted from the market rate. Banks are to cover the cost of the discount.
In legislation approved earlier, the tax exemption was granted only for gains on early repayment of home loans.
The amended bill was approved by MPs late Monday.
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.