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Hungary: Mining taxes to increase, but how much?

Socialist MPs are planning to come up with a modification of the mining law, which would affect the public budget, too.

According to the original concept, taxes paid on natural gas excavation would increase from 12% to 30%. Ministry of Economy explains this with the radical increase in the price of natural gas (from $20 at the time the law was formulated up to $70). MOL Nyrt would not be disadvantaged from the tax hike, as it is paying the tax on terms of a special agreement (a one-time payment of nearly Ft 147.6 billion ($839.4 million) in 2006 until 2020). (Napi Gazdaság)