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May 04, 2016

Hungary to cut special taxes on banks in 2017

Tax bill will cut the tax burden on Hungarian banks in 2017

Hungary will cut the tax burden on the country’s banks even further next year according to a draft tax bill submitted by the government to parliament

According to Reuters news agency, the document shows that as of January 1, 2017, the special tax on banks will be levied on a banks’ balance sheet total of two years preceding the tax year instead of their end-2009 balance sheet total.

The tax rate will be set at 0.15 percent for up to 50 billion HUF of the tax base, and at 0.21 percent on the amount above — down from 0.24 percent this year.

Mihaly Varga, Minister of the National Economy, has said the government would cut banks’ taxes by 20 billion HUF for the sector as a whole next year.

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