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Gov't targets revenue from extraordinary taxes till 2014

An extraordinary bank levy and "crisis taxes" on the banking, telecommunications, energy and retail sectors will end after 2012, but the government is in talks with the affected sectors on "a new system", prime minister's spokesman Péter Szijjártó told MTI on Wednesday after an addendum to the 2011 budget bill revealed the government targets revenue from the taxes until 2014.

 "We want to establish a new system and, according to current estimates, this new system will mean about half of the revenue from the current crisis taxes for the budget," Szijjártó said. The form of the new system must still be negotiated, he added.

The recently introduced crisis taxes on the telecommunications, energy and retail sectors are to generate an annual HUF 161 billion in 2010-2012, Econews reported earlier. The bank levy is set to generate HUF 182 billion of budget revenue in 2010, or about 0.7% of projected GDP. It is seen halving the profitability of Hungarian banks.

The supplement to the 2011 budget draft projects annual revenue from the bank levy of HUF 93.5 billion in 2012-2014. It projects revenue from crisis taxes on the telecommunications, energy and retail sectors of HUF 166 billion in 2012, HUF 85.5 billion in 2013 and HUF 85.5 billion in 2014. (MTI-ECONEWS)