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Bank levy to stay for long term, but scale and base will change

Hungary's bank levy will remain a permanent part of the country's tax system, but the tax's scale and base will change, National Economy Ministry state secretary for tax affairs Andras Karman said in an interview published in Monday's issue of daily Nepszabadsag.

The government introduced the extraordinary tax on financial sector companies in 2010 and was expected to phase it out after 2012. Changes to the tax may have been a negotiating point at talks between banks and the government on an assistance package for troubled borrowers with foreign currency-denominated loans. An announcement on the package is to be made early in the afternoon on Monday.