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Property tax revenue disappoints

Hungary's central budget collected less than HUF 2.4 billion from the recently abolished property tax, compared to the original target of HUF 50 billion, daily Napi Gazdaság reports. The tax, which was introduced January this year and discontinued from July, was levied on high-performance cars, boats and planes. Initial plans would have included real estate for taxability but fell through after the Constitutional Court brushed aside the idea. During its short life, the property tax generated the least income for the state in Hungary's tax history.