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Constitution Court gives go-ahead for banking tax

The Constitution Court ruled on Tuesday to uphold the government's planned introduction of a banking tax, rejecting banks' claims that the tax was discriminatory, the court's press chief András Sereg announced.

The introduction of a new banking tax formed part of the government's stability-targeting measures approved in the summer. The new tax, to come into effect from January 1, 2007, will tax banks after interest and fees they collect on government-subsidized loans.