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Parliament passes new tax legislation

The government majority has passed a law in Parliament yesterday that gives tax authority APEH broader investigative jurisdictions aimed at filtering out tax subjects evading their payment obligations.

The Parliament also ratified the Finance Ministry’s revised version of the expected tax, which was rephrased in line with earlier objections made by the Constitutional Court. APEH will process the received standard annual tax documentations with a risk assessment program, and will select those companies likely to have tampered their figures based on the results.

The Finance Ministry calculates that the new tax kind will bring the central budget Ft 10 billion – Ft 15 billion in revenues. The new laws will take effect on July 1. In the meantime, the government has apparently given up on offering beneficial, 10% taxation rates in exchange for returning Hungarian wealth “evacuated” to foreign, mostly Swiss banks. The plan failed due to constitutional concerns, a painful development, as the Finance Ministry hoped to tax some Ft 1,000 billion currently stored on foreign bank accounts. (Gazdasági Rádió, Magyar Hírlap)