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Hungary Rejects EU Calls For Bank Tax Review

by Lorys Charalambous, Tax-News.com, Cyprus

09 July 2014


Hungary's Minister of National Economy, Mihaly Varga, has said that the country's bank tax may be amended at some point, but that now is not the right time.

The Minister made the comment on Kossuth Radio's 180 Minutes program, in response to recent advice from the European Commission. Following the recent visit of a delegation to the country, the EC said that to sustain growth Hungary needs to restore normal lending, and therefore banking activities should not be stymied by taxation.

However, Varga argued that the banking tax is playing an important part in Hungary's economic stabilization, and that Brussels' position therefore should not be accepted.

The EC has recommended that Hungary ditch its sectoral taxes, warning that they distort competition.

TAGS: tax | economics | European Commission | Hungary | banking | corporation tax | ministry of finance | tax rates | tax reform | Europe

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