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Bourse asks PM to exempt long-term stakes from tax

The Budapest Stock Exchange (BÉT) has asked the prime minister to exempt holdings fixed for over three years from the capital gains tax, BÉT chairman Attila Szalay-Berzeviczy said on Thursday.

Hungary introduced the 20% tax as of September 1. The exemption should cover securities kept in a long-term savings account issued in the EU or OECD countries, Szalay-Berzeviczy said. Unlike the special pension account the bourse helped set up earlier, the state would not subsidize the savings account. He said he was confident Prime Minister Ferenc Gyurcsány would accept the scheme, which could start as early as next year. Other European countries such as Austria have similar schemes, the BÉT chairman noted.
The bourse is proposing the measure together with the Hungarian Association of Fund and Asset Managers (Bamosz) and the Association of Investment Service Providers (BSzSz).