Parliament approves tax exemption for all exchange rate gains in FX repayment scheme

Banking

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.

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