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Hungary Reviewing Bank Taxes

By Lorys Charalambous, Tax-News.com, Cyprus

09 September 2014


Hungary's Economy Minister, Mihály Varga, has said that the Government is considering modifying the country's banking sector taxes.

In a speech at the 52nd Congress of the Hungarian Economic Association, the Minister explained that amendments to the country's Financial Transaction Tax and special tax on banks may be necessary to stimulate lending.

The bank tax was previously criticized by the European Commission in July. At the time, Varga responded that the tax was playing an important part in Hungary's economic stabilization and that it was not the right time to make an adjustment.

TAGS: tax | economics | Hungary | banking | tax rates | Tax | Financial Transactions Tax (FTT)

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