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New insurers given exception from finance tax

Hungary's governing party Fidesz has pushed through parliament an amendment to exempt from the new bank tax insurance companies established after 2007, Index.hu reports.

Among the nearly five dozen companies that stand to benefit from the amendment are CIG Pannónia, an insurance company owned by former Fidesz finance minister Zsigmond Járai, Foreign Minister János Martonyi and Fidesz financial advisor György Szapáry.

Antal Rogán, who had submitted the proposal, told the portal recently that he has had second thoughts because the amendment affects too few companies.

Parliament also passed Fidesz-sponsored bills that will cut the amount of bank tax insurance companies and cooperatives have to pay into the central budget this year and exempt state postal company Magyar Posta from the tax. (Index)