Hungary: toughening of taxation in certain areas

14^th May 2012

On 9th May the Hungarian government announced the introduction of new fiscal measures on companies in the areas of energy, telecommunications, insurance and banking. Prime Minister Viktor Orban believes that he can bring in around 655 million euros per year thanks to these measures. Hence in the area of energy the tax will be increased temporarily from 19 to 30%. The banking sector will also be subject to a new tax on financial transactions totalling 0.1%. Finally, in telecommunications a tax on telephone calls after the first ten minutes, as well as a specific tax on service providers are to be introduced.

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