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Hungarian tax bill sets out bank tax reduction for 2016-2018
May 14, 2015 / 1:06 PM / in 2 years

Hungarian tax bill sets out bank tax reduction for 2016-2018

BUDAPEST, May 14 (Reuters) - Hungary will reduce its windfall tax on banks in 2016-2018 in line with the February agreement signed with the European Bank for Reconstruction and Development (EBRD), the tax bill submitted to parliament showed on Thursday.

Based on the legislation the bank tax will be calculated based on banks’ balance sheets as of the end of 2014 instead of 2009. The bill does not attach any conditions to a gradual reduction in the tax until the end of 2018.

For 2019, the government will make a proposal by October 2018 the latest, the bill says.

In the draft 2016 budget, the government pencilled in 89 billion forints ($331.01 million) worth of revenues from the windfall tax on financial sector, down from 144 billion targeted in 2015. ($1 = 268.8700 forints) (Reporting by Krisztina Than and Gergely Szakacs)

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