Decree Issued on Tax Preference Time Limit for SZÉP Card Spending

Government

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The government has issued a decree limiting a 15% tax preference for SZÉP voucher card top-ups to one year according to the official gazette Magyar Közlöny.

The decree mandates banks to deduct 15% from SZÉP card balances that are unused after a year as a "one-time fee".

Banks are instructed to use half of the proceeds from the fee for marketing and operating costs directly related to the SZÉP card program and offer the other half to the Hungarian Tourism Association Foundation.

Economic Development Minister Márton Nagy announced the government's decision on the new limit last week.

He said that about HUF 100 billion is "just sitting" on SZÉP card balances, in spite of government efforts to encourage spending with the cards, such as eliminating restrictions on the range of services for which cardholders may pay.

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