HUF 8.8 bln in offshore assets repatriated under amnesty

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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.

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