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Tesco Magyarország posts €2.5 bln revenues, pays large sectoral tax in 2010

Tesco paid HUF 10.7 billion in crisis taxes to state coffers in 2010 on revenues of HUF 666.5 billion.

UK retail giant Tesco’s Hungarian unit generated gross revenue of HUF 666.5 billion in 2010, and opened 29 new stores in the country, expanding its sales area by 53,000 square meters. It has also created more than 700 new jobs, online financial portal reported.

Tesco paid HUF 70.5 billion in taxes in 2010, of which the crisis tax the government imposed on the retail sector was HUF 10.7 billion. Tesco claims this was the biggest contribution of this kind among retail companies in the country.

With this, Tesco became the fifth-largest taxpayer in Hungary (based on 2009 payments), the company said in its press release. “Our company realized investments of nearly HUF 40 billion last year in Hungary,” said Gerry Gray, Tesco Magyarország’s recently appointed CEO. “By our growth we provide solid market for nearly 1,000 local suppliers [...] These data show that Tesco’s commitment to Hungary has remained unchanged.”