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Report: Hungarian taxes hostile to foreign firms

Banking

Although Hungary has officially revoked its internet tax legislation, there is still much room for improvement, according to foreign companies. Government levies appear to be designed to target foreign-owned companies and certainly have an adverse effect on their profits, Bloomberg reported Tuesday.

The levies include an advertising charge, tax on phone companies and retailers and the highest bank tax in Europe, all of which Orbán says are designed to balance the budget. Lucas Dos Santos, an analyst at Business Monitor International in London said that Orbán will “continue to pursue unorthodox and targeted revenue-raising measures at the expense of the foreign-owned corporate sector”. A prime example is Luxembourg-based broadcaster RTL, which has paid on average HUF 6.9 billion a year in taxes for the past 17 years.

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