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Govt to levy 35% withholding tax on expatriated assets

Hungary's government has decided to levy a 35% withholding tax on illegally expatriated assets, János Lázár, state secretary of the Prime Minister's Office, said in a break during a cabinet meeting on Wednesday. Assets expatriated to avoid payment of tax come to at least HUF 1,000 billion but could reach as much as HUF 1,500 billion-HUF 2 billion according to some estimates, Lázár said, citing data from the National Economy Ministry. The Prime Minister's Office, the National Economy Ministry and the Foreign Affairs Ministry have been given a mandate to track this money down, he added.