HUF 8.8 bln in offshore assets repatriated under amnesty
Hungarians repatriated HUF 8.8 billion in offshore assets during the first two-thirds of an amnesty program that ran for the first half of the year, tax office chief András Tállai said in a written response to an opposition MPʼs question posted on the website of Parliament, Hungarian news agency MTI reported.
Under the program, participating banks transferred 10% of repatriated assets to the National Tax and Customs Authority (NAV) without revealing the identity of their clients. NAV then issued the bank a certificate showing the clientsʼ assets are legally earned income.
Tallai said banks participating in the program had transferred just under HUF 880 million to the state in January-April. Banks report on the repatriated assets on a monthly basis, he added.
Between 2014-2016, Hungarians could repatriate their offshore assets to Stability Savings Accounts and withdraw the money tax-free after a period of five years. Some HUF 156 bln was deposited in accounts during that period.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.