The Hungarian government’s plan to impose tax on interest income has the support of the main coalition party, the Socialists, according to a report in the national media.
Hungary does not currently charge tax on interest income, but Finance Minister Tibor Draskovics has let it be known that a tax on interest would be justified once inflation drops below 5%.
The headline inflation rate in June was 7.5% year on year and is expected by the government to decline to around 4.5% by next year, clearing the way for the imposition of the new tax.
The Socialist Party has been considering a number of new tax measures in recent weeks as it seeks to reconnect with its core working class vote.
Among these proposals is a suggested increase in the top rate of income tax to 48% from 38%, and the reintroduction of capital gains tax.
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