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Constitutional Court rules on interest tax

In separate rulings handed down yesterday, the Constitutional Court turned down appeals against two legislative amendments passed by the Socialist-led Parliament last autumn as part of the government’s stringency package, daily Népszabadság reported.

Constitutional Court said the amendment that abolished tax allowances on insurance policies for individuals with annual income of over Ft 3.4 million is not in contravention with the constitution.

The Court also rejected an appeal against a new 20% tax on interest, introduced last September. The constitutional body has so far adjudicated on ten appeals with regard to the Gyurcsány government’s austerity legislative package. (Népszabadság, Napi Gazdaság, Népszava, Magyar Hírlap)