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Hungary to levy Robin Hood tax on energy firms

The Hungarian government's planned Robin Hood tax will be levied on companies who generate more than half of their revenue from energy sales, Finance Minister János Veres said.

The tax is expected to generate Ft 30 billion of revenue in 2009, Veres said. This year, the government will take Ft 3 billion out of budget reserves to compensate homeowners for high district heating charges, he added.

On Friday, Veres said the government would submit a proposal to Parliament to introduce an 8% profit-based Robin Hood tax, the proceeds of which would be used to set up a compensation fund for homeowners with district heating. Homeowners whose annual income does not exceed Ft 3.4 million will be offered Ft 100,000 for home improvements.

The government will submit the proposal on support for homeowners with district heating to Parliament on Monday, Veres said.

The Robin Hood tax will be in place from the beginning of 2009 until the end of 2010, MTI learnt. (MTI – Econews)