Report: Hungarian taxes hostile to foreign firms

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.

EU

Europe Needs Competitiveness ‘Turnaround’ – Minister

Deals

Akko Invest Board Recommends Refusing Mevinvest’s Share Purchase Offer

Innovation

Minister Points to Need for Promoting Use of AI Among Businesses

Figures

IMF Growth Projections Put Hungary Among EU Frontrunners

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For over 30 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.