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Foreign-owned banks to turn to IMF over extraordinary tax

Six foreign-owned Hungarian banks have managed to postpone an agreement with the government on an extraordinary bank tax in order to engage the International Monetary Fund (IMF) in their effort to soften the government's stand, reported on Friday, without citing any sources.

Talks between the Hungarian Bank Association and the National Economy Ministry on the tax were to have taken place on July 1, but the six banks postponed any deal until after they meet with IMF representatives on Wednesday, reported.

National Economy Minister Matolcsy said after a cabinet meeting on Wednesday that banks will pay HUF 120 billion of the tax based on their total assets. The government expects to reach an agreement on the tax with financial-sector representatives within days, he added. (MTI-Econews)