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Eight banks will pay 90% of bank tax

The largest eight banks will pay up to 90% of the extraordinary financial sector tax this year, the business daily Világgazdaság said.

Of the HUF 200 billion tax expected from financial services, HUF 111.4 billion is levied on banks according to calculations by the budget council, but this can be deducted from the base of the ordinary corporate tax. Thus, the net impact of the extraordinary tax will be HUF 29.5 billion on OTP Bank, the largest in Hungary.

K & H will pay net HUF 13.7 billion, MKB HUF 12.9 billion, Erste Bank HUF 12.5 billion, CIB HUF 12.2 billion, Raiffeisen HUF 11.0 billion, UniCredit HUF 7.8 billion, and Budapest Bank HUF 4.0 billion.

Hungarian banks' net profits totaled HUF 209 billion last year after HUF 236.6 billion in 2008, HUF 324.6 billion in 2007, and HUF 356.7 billion in the record year of 2006. (MTI – Econews)