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Hungary to introduce 10% capital gains tax in 2007

Hungary will announce the introduction of a 10% capital gains tax on the stock exchange in 2007, business daily Napi Gazdaság said, citing unnamed sources. Prime Minister Ferenc Gyurcsány, Finance Minister János Veres and Budapest Stock Exchange Chairman Attila Szalay-Berzeviczy will also unveil a tax on interest income, Napi said. The scheduled 10% capital gains tax might rise to 18% in 2010, the newspaper reported. Lawmakers in November 2004 rejected a government plan to reintroduce a 25% capital gains tax this year. The current Socialist-led governing coalition also abolished an earlier 20% capital gains tax when it took office in 2002.