The Hungarian parliament on Tuesday approved a motion tabled by a junior partner in the governmental coalition that will prevent the reintroduction of a capital gains tax.
In a bid to reconnect with its core working class vote, the ruling Socialist Party had announced earlier in the year that consideration was being given to the reintroduction of the 25% capital gains tax, abolished in 2003.
However, the proposal was widely condemned by the investment community, the Budapest Stock Exchange and the government’s coalition partner, the Free Democrats which submitted the motion.
Commenting on the parliamentary vote, Finance Ministry spokesman Ferenc Pichler stated: "This means there will not be a capital gains tax."
Pichler added that the impact on the government’s 2005 budget will be minimal as the tax would have added relatively little to its revenue intake.
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